The UK has one of the most dynamic property markets in the world. Whether you are looking forward to buying a four-bedroom house, business premise, buy-to-let, or new-build, there is a lot you’ll go through.
New homebuyers in the UK find it difficult to go through the lengthy and tedious conveyancing process. If you’re buying property in Northampton and other cities in the UK, you need Northampton residential property solicitors to help you.
You don’t have to look elsewhere for those intending to buy a new home in Northampton. Here are some property market trends in Northampton which make it a hotspot location to buy property in the UK in 2022.
Northampton property market growth
Northampton is found on the banks of the River Nene and is one of the largest UK towns with a population of over 210,000. In 2001 and 2013, the town recorded one of the highest population growths in the UK. The population in Northampton point in one direction, that the property market in the town is on the rise.
The increasing home property price in the UK is alarming to investors. Most people are looking for hotspots in the country to invest in for high yields.
Northampton has a median house price of £262,500. According to Property Market Intel, the average sold price for property in Northampton in the last 12 months is estimated at £291,780. The average house price in West Northamptonshire was £281,975, according to the Land Registry.
Northampton has had different average property prices for the last 12 months. Detached property goes for £426,696, semi-detached for £262,254, and flats for £147,148.
House prices in Northamptonshire are higher than in the west because of the local government split. In West Northamptonshire, the property prices are estimated to have increased by 0.6% in December 2021and 1.9% in the Northants. By 2021, property prices increased by 11% in the west compared to 14.6% in the North.
Can you own property in Northampton?
The property prices in Northampton continue to outstrip earnings growth in the town. Property affordability has remained at the lowest level, especially for first-time buyers.
Record-level new buyers entered the property market in 2021, but the young generation is still facing some economic barriers to meeting the required deposits to own property in the town.
This situation is expected to remain acute for some time as the household budget faces great pressure from the increasing cost of living post-pandemic. The increasing interest rates in the UK is also affecting the mortgage rates.
There is a limited supply of house stock in Northampton, which will continue providing support to house prices, and it remains likely that the rate of house price growth will slow down in the next two years.
Why invest in Northampton?
Northampton is a county town of Northamptonshire. The new West Northamptonshire Council offers services in this town. The council was formed in 2021 to replace the previous Northampton Borough Council.
Northampton is famous as a manufacturing town. It is also known for its vibrant shoemaking and engineering industries. Other industries in the town include beverage, food, tech, and light manufacturing. With many companies and businesses in Northampton, most people prefer to live and work here.
The growing economy in the town is creating a buoyant property market. According to the recent UK Powerhouse report, Northampton is one of the best five places for fast economic growth in the UK.
Northampton boasts one of the best transport links by road and railways. The railway serves all the towns like Birmingham, Milton Keynes Central, and Euston. It is closed by the M1 motorway and the dual carriageway.
If you are looking forward to buying property to let or new builds in the UK, you can always opt for Northampton. This is one county town you will enjoy living in. The city appeals to most first home-buyers who want to access London and benefit from the low property prices in the location.
When buying property in Northampton, you need a conveyancing solicitor to guide you. A conveyancer will help you do due diligence, property search, exchange of contracts, and mortgage. Get a conveyancing solicitor to speed up the conveyancing process in Northampton and get your keys in the shortest time possible.