What do house prices around Northampton tell us about the future market? With the housing market continuing to grow, there has been a massive increase in house prices. That is mainly due to a limited number of properties available and an increasing population.
We’ve gathered the most relevant data about house prices and put it together in this article, so you don’t have to trawl through year-on-year worth or pay a fortune for market analysis reports from estate agents.
Increase in Demand
There is a lot of demand for houses in Northampton. But, more importantly, this is because of the increase in population and demand for housing.
The number of people looking to buy houses has increased by 25% in the last five years. As a result, many people are selling their homes and moving to different parts of the country.
You should always take help from a licensed house solicitors in Northampton such as AVRillo when planning to buy a new property.
The reason for so much demand for houses is that people want to live near where they work, and they also want to commute easily. They also do not want to spend too much on commuting as they can save money by living closer to where they work.
Many people have decided it would be better to buy their own homes rather than rent them out from a landlord or letting agency. Such happens because these people need more space for their families and pets when moving into a new house or flat and have enough space for parking their vehicles.
Increase in Prices
The housing market in Northampton has been on fire for the past few years, with prices rising steadily. That is especially true of the most expensive areas, such as Northampton’s historic center and around the universities.
The house prices in Northampton shot up by an average of 4% over the past 12 months. The average asking price for a house in Northampton is currently £219,972, which has risen from £210,822 in March 2019. The average price per square foot for houses sold in March 2019 was £135, which was higher than the previous year’s figure of £127.
The major reason behind this increase is our proximity to London and its high demand for housing.
The average price per square foot of houses in Northampton is £145, which means that if you are looking for a new home, you can expect to pay around £1,400 per month for rent on top of your mortgage repayments. House Pricing Trends in Northampton. Increase in Prices
According to Zoopla data, the average house price per square foot increased by 2% over the past year to £135.This includes any area of a property that one can market legally. It is now 3% higher than 12 months ago when it stood at £132.
This increase is due to an increase in new build properties with larger gardens and more expensive homes sold on the open market.
Increase in Building Permits
In recent years, there has been a significant increase in the number of building permits issued in Northampton. Such happens due to an increase in the number of new homes built. Plus, an increase in the number of renovations and additions.
The recent increase in building permits is a positive sign for the housing market. The government has been keen to promote home building, making affordable housing an essential part of its agenda.
The government wants to boost the housing supply by incentivising building developers to build more homes. It has also permitted many new developments in London and the southeast of England, including many apartment blocks on brownfield land near Heathrow airport.
However, the housing market is still not providing enough affordable homes for existing residents. The government introduced a new scheme called “Help to Buy,” which aims to provide financial help for people who want to buy their own homes but have little or no savings.
In Summary
Northampton is one of the largest cities in the UK and has a lot to offer. If you are looking for a change of scenery or simply want to move to a cheaper area of the country, then this place could be good options for you.
You can find some great deals on homes in Northampton with plenty of interesting landmarks and cultural venues.
