January 2023 Market Report Warrington

2023 is in full swing and the housing market is starting to return to its normal busy levels after the usual lull in December. 

Buyers who are looking in February are serious about moving, which makes this one of the best months of the year to put your property on the market. The Spring Rush is on its way and will bring many more “window shoppers." Homebuyers who are looking now tend to be motivated and have a strong drive to find their next home.

Let’s have a brief look at what’s been happening over the last month in the local Warrington property market.

There are currently 445 properties available for sale in Warrington. Last month, there were 430. Of the 445 properties that are currently available, 73 came to the market in the last two weeks. In December, there were 33 new properties that were new to the market; in November, there were 48; and in October, there were 71. This shows that the local real estate market is back to normal after the holiday slowdown.

The average price of properties in Warrington is £264,263, an increase from £252,677 in December and £250,004 in November. Despite the doom and gloom in the national media, the local property market is remaining strong. 

Most of the properties available are in the £100,000 to £200,000 bracket, with 192 currently on the market. This is an increase from last month, when there were 191, and the month before, when there were 170 available. In October, there were 158 available. This is good news for buyers and shows that the market has changed from a sellers' market to a buyers' market. Things have now calmed down to normal levels for the first time since the beginning of 2021, and there is now more choice once again for buyers.

There are 40 properties available in the £500,000 to £1 million bracket. This is nine more than last month and 12 more than the month before. 

Properties in the £300,000 - £400,000 bracket remain the fastest movers, staying on the market for only 61 days, 19 days less than last month. In November, properties in the £100,000 to £200,000 bracket were the fastest movers; they were on the market for 92 days. 

Properties in the £400,000 to £500,000 bracket are now taking 100 days to sell. This is a decrease of 94% since November, when they were spending on average 194 days on the market. In December, they were taking 111 days to sell. 

One-bedroom properties had a median price of £95,000 in January and December, up from £90,500 in November. They are currently sitting on the market for an average of 297 days, up from 288 in December and 289 in November. This is an increase from 249 days in October but is still a substantial decrease from 349 days in September. 

This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home, or are an investor looking to change your portfolio, please bear this in mind when planning.

Four-bedroom properties appear to be the fastest movers in Warrington, spending an average of only 86 days on the market, down from 91 days in November. They currently have an average price of £433,688, a 3.4% increase since December, when the average price was £419,277. The median price of a four-bedroom property in Warrington is now £422.500, up from £418,000 in December.

Let’s take a look at the annual figures now. 

In the last year, most sales in the Warrington area were of semi-detached homes, which sold for an average of £231,025. Terraced properties sold for an average of £167,618; detached properties fetched £399,330.

Overall, sold prices in Warrington were similar to the previous year and 7% higher than the 2020 peak of £220,010.

This shows the high levels of activity in the local Warrington property market, which are likely to increase or, at the very least, remain strong in the first quarter of this year. There is a lot of demand and plenty of people looking to move around Warrington. 

If you’re thinking of selling your property, feel free to contact us. If you’re thinking of buying, letting or renting a Warrington property, please don’t hesitate to get in touch. You can call 01925 235 338 or email staff@hamletwarrington.co.uk.