Warrington Property Market Review 2017
Time now for a quick round-up of what has been happening in the sales and lettings market in the Warrington area throughout July - September 2017. (Figures are obtained from Rightmove and do not include private lets.):
You can see from the rental figures above that it’s 1, 2, 3 and 4 beds that are most in demand – with 2 and 3 beds being the most popular by some margin. If we look back at this time last year, it was the 3 bedrooms that were the most popular with a total let of 44.4% followed by 4 bedrooms at 31.7%.
Now if we look at the sales again we can see its 2 bedroom houses and 3 bedroom houses that are in front. Again if we go back to last year is was just 3 bedroom houses in a league of their own.
So, as an investment, what should you buy?
Well, demand is there to rent anything up to 4 bedrooms, but there are already a high number of potential private purchasers chasing those same properties (3 bedroom houses), so this will inevitably increase pressure on availability and start to drive prices up. 2 beds are in a lot less demand by buyers, yet these are often prized by renters. Our experience here tells us that 2 beds will always find a rental market and they will always rent out quickly, but there will be more churn (turnover of tenants). These will command a slightly higher yield than 3 beds.
charts
However, for families wishing to rent, 3 beds are a must. In the catchment area of great schools (particularly secondary), they will always be in high demand and with less churn. It is these properties that tend to offer better scope for capital growth in the long term, whilst providing a steady yield of around 7-10% in the Warrington property market today.
I like to keep an eye on the market every day, searching for the next hot Buy To Let deal. Remember this is not a get rich quick scheme. You are planning for the future.
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