House prices drop 15 per cent

HOUSE prices in Warrington have plummeted more than 15 per cent during the past 12 months – and apartments have dropped even more!
But it is not such a gloomy picture for home owners at nearby Lymm, where homes have fallen by just 7-10 per cent, with unique and individual properties still selling well.
Warrington based estate agent Dave Linaker predicts a tough year ahead for home owners in the town, with builders being very aggressive on price.
Dave who runs New Way Homes with offices in Penketh and Warrington said: “Overall 2009 will continue to be difficult with the need for most vendors to be much more realistic on eventual selling prices.
“With builders being very aggressive with prices, specials offers and incentives, the second hand property market will need to be more reasonable with their expectations. For vendors who are going to buy on, the need to remember that any potential loss on selling price on their property, should be reflected in the purchase price of their new home.
“Tough, but respectful negotiations both up and down the chain will be the key to most property sales. Overall prices in and around the Warrington area have dropped by approx 15 % over the last year, the decrease in apartments price is generally much higher.”
He says the recent decision by the Bank of England, to again cuts interest rates to the lowest in its 300 year history had seen some lenders pass on this reduction for existing customers, but few had made any decision to change to new deals.
“With more people finding refinancing difficult, if either remortgaging or any type of unsecured/secured lending, it is worth remembering to seek advice quickly if you are having any difficulty or indeed expect too. If advice is needed our time is free and we can help on remortgages, reducing debt, debt management and IVA’s.
Meanwhile New Way Homes have now ventured into the lettings market which remains relatively robust.
At nearby Lymm, often quoted as one of the most desirable places to live in the country – with house prices to match, local estate agent Linda Garrindo from Banner & Co says house prices have dropped by around 7-10 per cent during the past year.
But she said activity had been busier this January than the same time last year and people with individual and unique properties were still able to sell at a good price.
“Some people are realising that now is actually a good time to move to a property they may not have been able to afford 12 months ago,” said Linda.
“I think the main ones to suffer are the modern houses on new estates where most of the houses are almost all the same. If you have something unique, like an individual cottage which has been well renovated, you will still get a good price for it.
“People still want to live in Lymm because of its great location, the local schools and the nearby motorway networks and airport.”