Author: Antony Agent

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Northampton named in top 5 UK property demand hotspots

Northampton named in top 5 UK property demand hotspots

Northampton named in top 5 UK property demand hotspots

Northampton has been named in the top five UK National Hotspots Index for the last quarter.

The latest Property Hotspots Index, produced by eMoov.co.uk, records the change in supply and demand for the most populated locations across the UK, by monitoring the total number of properties sold in comparison to those on sale.

The latest research found that national property demand has increased by +3% overall since Q1, now at 40%. But it’s not good news for homeowners in the capital, with demand in London as a whole down -2% to 39%.

Despite demand cooling across the capital, the London Borough of Bexley remains the hottest spot in the UK for property demand. At 71%, demand for property in Bexley is the highest across the UK, although it has cooled by -7% since the start of the year in line with the decrease felt across the capital as a whole.

Bristol is still the hottest spot outside of the London bubble, with demand increased, albeit marginally, to 69%. Nearby Bedford (67%) also retains its place as the third hottest spot in the UK as commuter zones around the peripherals of the London bubble continue to grow in popularity, due to the inflated price of homeownership in the capital.

And Northampton has seen the biggest percentage rise in demand (up 10%) in the entire country, climbing to joint fourth hottest spot in the UK with Aylesbury on 64%.

Northampton replaced nearby Milton Keynes (15th) in the top.

Founder and CEO of eMoov.co.uk, Russell Quirk, said Brexit scaremongering has not been justified.

“National demand is still lower than the levels seen at the back end of last year and the big decider on which way it goes now will be Britain’s choice to leave the EU,” he said

“There has been a lot of talk about the consequence of this vote on the UK property market with many forecasting a detrimental impact on house prices.

“We don’t believe this to be the case and I’m certain that come Q3, our index will show a further increase in property demand across the nation.”

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Northampton house prices continue to rise

Northampton house prices continue to rise

Northampton house prices continue to rise

Property rose by 0.5 percent more expensive than in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve seven percent annual growth.

The average Northampton house price in March was £225,681, Land Registry figures show – a 0.5% increase on February.

Over the month, the picture was less good than that across the East Midlands, where prices increased 1.9%, and Northampton underperformed compared to the 1.8% rise for the UK as a whole.

Over the last year, the average sale price of property in Northampton rose by £15,000 – putting the area 40th among the East Midlands’s 45 local authorities for annual growth.

The best annual growth in the region was in Oadby and Wigston, where property prices increased on average by a whopping 21 percent, to £275,000. At the other end of the scale, properties in East Northamptonshire gained 3.1 percent in value, giving an average price of £257,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Northampton in March – they increased 0.8 percent, to £192,588 on average. Over the last year, prices rose by 7.9 percent.

Among other types of property:

■ Detached: up 0.5 percent monthly; up 7.9 percent annually; £388,929 average

■ Semi-detached: up 0.3 per cent monthly; up 6.7 per cent annually; £232,200 average

■ Flats: up 0.4% monthly; up 3.7% annually; £130,191 average

First steps on the property ladder

First-time buyers in Northampton spent an average of £199,000 on their property – £13,000 more than a year ago, and £40,000 more than in March 2016.

By comparison, former owner-occupiers paid £250,000 on average in March – 25.3 percent more than first-time buyers.

How do property prices in Northampton compare?

Buyers paid 2.6 percent more than the average price in the East Midlands (£220,000) in March for a property in Northampton. Across the East Midlands, property prices are lower than those across the UK, where the average cost £256,000.

The most expensive properties in the East Midlands were in Rutland – £362,000 on average, and 1.6 times as much as in Northampton. Rutland properties cost 2.4 times as much as homes in Bolsover (£149,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.3 MILLION could buy 14 properties in Burnley — where the average is £94,000.