Category: Market Updates

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Northamptonshire Property Market Update – July 2023 NN12

Trellows Market Update

Northamptonshire Property Market Update – July 2023 NN12

**House Prices in NN12: A Look at the Real Estate Market**

The real estate market in NN12 has seen significant growth and development over the past year. As property prices continue to rise, homeowners and investors are keeping a close eye on the trends in this picturesque region. In this blog post, we will delve into the data to provide you with a comprehensive overview of the housing market in NN12.

**NN12 Property Prices Overview:**

Over the last year, the overall average house price in NN12 reached an impressive £434,956. This figure represents a 9% increase compared to the previous year, highlighting the upward trend in property prices in the area. Moreover, when compared to the peak in 2018 when the average price was £375,083, the current figures demonstrate a remarkable 16% growth.

**Property Type Breakdown:**

The majority of properties sold in NN12 over the last year were detached houses, commanding an average price of £572,196. This type of property seems to be in high demand, likely due to the spaciousness and privacy they offer.

Semi-detached properties, on the other hand, had an average selling price of £337,460, offering a more affordable option while still providing some of the benefits of detached living.

Terraced properties had an average selling price of £300,915, making them a budget-friendly choice for prospective buyers seeking a home in NN12.

**Notable Property Sales:**

Several properties in NN12 were sold during the last year, and we have gathered some interesting data on a few of them:

1. **19, Tyrrell Way, Towcester, West Northamptonshire NN12 7AS:**
– Property Type: 3 bed, terraced
– Selling Price: £280,000
– Date Sold: 17 May 2023

2. **15, 19 Hollyhill, Towcester, West Northamptonshire NN12 6TD:**
– Property Type: 4 bed, detached
– Selling Price: £400,000
– Date Sold: 12 May 2023

3. **53, Catterick Way, Towcester, West Northamptonshire NN12 6NX:**
– Property Type: Semi-Detached
– Selling Price: £254,950
– Date Sold: 4 May 2023

4. **22, Park View Road, Towcester, West Northamptonshire NN12 6AL:**
– Property Type: 3 bed, semi-detached
– Selling Price: £375,000
– Date Sold: 28 Apr 2023

**The Charm of NN12:**

NN12 boasts a picturesque and serene setting, making it an ideal location for homeowners seeking a peaceful and pleasant environment. The area’s rich history and close-knit communities contribute to its allure, attracting both local and international buyers.

**Investment Opportunities:**

Given the consistent growth in property prices over the years, investing in NN12 real estate presents a promising opportunity. For those looking to invest, the data suggests that detached properties may offer higher returns, but semi-detached and terraced properties could be more accessible options for entry-level investors.

**Conclusion:**

The real estate market in NN12 has shown impressive growth over the past year, with property prices reaching new heights. Detached properties have been the most sought-after, commanding higher average prices. However, there are opportunities to be found in the semi-detached and terraced property markets as well.

Whether you are a potential buyer or an investor, NN12’s enchanting setting and thriving property market make it a location worth considering. As the area continues to flourish, keeping an eye on NN12’s real estate trends can prove to be beneficial for your property-related decisions.

 

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Northamptonshire Property Market Update – July 2023 NN11

Trellows Market Update

Northamptonshire Property Market Update – July 2023 NN11

**House Prices in NN11: A Year in Review**

If you’ve been keeping an eye on the property market in NN11, you’ll undoubtedly be intrigued by the latest figures. Over the past year, the real estate landscape in this region has shown significant growth and development. In this blog post, we’ll dive into the statistics and explore the key trends that have shaped house prices in NN11.

**Average House Prices**

First and foremost, let’s look at the overall average house price in NN11 over the last year. According to the data, properties in this area commanded an impressive average price of £325,194. This figure provides a valuable glimpse into the general state of the local property market.

**Property Types and Prices**

One interesting aspect of the NN11 housing market is the variety of property types available. Among the most prominent sales in the area during the past year were detached properties, which fetched an average price of £461,155. These detached homes seem to be highly sought after, likely due to their spaciousness and privacy.

Coming in behind detached properties were semi-detached homes, which sold for an average of £293,017. Those looking for a more budget-friendly option might have found terraced properties appealing, with an average price of £243,871.

**Growth and Historical Comparison**

The NN11 property market has also experienced growth in terms of prices. Sold prices over the past year were 8% higher than the previous year, showcasing a robust increase in property values. Furthermore, the market saw an impressive 16% surge compared to the peak in 2020 when the average price stood at £279,961. This upward trend indicates a healthy and flourishing real estate landscape in NN11.

**Noteworthy Sales**

Let’s take a closer look at some notable property sales in NN11:

1. **Howletts End, Croft Lane, Staverton, Daventry, West Northamptonshire NN11 6JE**
– 4 bed, detached
– Sold for £625,000 on 12 May 2023
– Freehold

2. **Old Mill House, Banbury Road, Moreton Pinkney, Daventry, West Northamptonshire NN11 3SQ**
– Detached
– Sold for £870,000 on 11 May 2023
– Freehold

3. **15, Clarkes Way, Welton, Daventry, West Northamptonshire NN11 2JJ**
– 5 bed, detached
– Sold for £755,000 on 28 Apr 2023
– Freehold
– Previous sales: £550,000 on 16 Oct 2015, £530,000 on 1 Apr 2011

These sales exemplify the diverse range of properties and prices in NN11, from stunning detached homes to more affordable semi-detached and terraced properties.

**Conclusion**

The NN11 property market has undoubtedly been on an upward trajectory over the past year. With an overall average price of £325,194 and various property types available to suit different needs and budgets, this region offers a promising investment and residential landscape. Whether you’re a potential buyer, seller, or simply curious about the real estate market, the figures and trends in NN11 are certainly worth keeping an eye on. As we move forward, it will be exciting to see how the housing market in this area continues to evolve.

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Northamptonshire Property Market Update – July 2023 NN29

Trellows Market Update

Northamptonshire Property Market Update – July 2023 NN29

Exploring the Surging House Prices in NN29: A Year of Remarkable Growth**

*Introduction*

The real estate market in NN29 has witnessed an astonishing surge in house prices over the last year, leaving homeowners and potential buyers captivated by the region’s impressive growth. In this blog post, we will delve into the fascinating data on house prices in NN29, explore the types of properties that have dominated the market, and examine the factors contributing to this remarkable increase.

*The Magnificent Numbers*

The numbers don’t lie; the average house price in NN29 over the last year stood at an impressive £345,435. This represents a staggering 23% increase compared to the previous year and an even more remarkable 24% rise from the peak price of £277,822 in 2020. These soaring figures have undoubtedly caught the attention of both investors and potential homeowners, prompting many to wonder what might be driving this growth.

*Property Types in NN29*

To better understand the dynamics of the NN29 property market, it’s crucial to analyze the distribution of property types and their corresponding average prices. The majority of sales in NN29 were semi-detached properties, which commanded an average price of £303,384. Terraced properties, on the other hand, fetched an average of £237,257, while detached properties topped the list with an average price of £521,139.

Semi-detached properties seem to be the most sought-after, likely due to their attractive combination of space, privacy, and affordability. Detached properties, while the most expensive, offer unmatched luxury and often come with larger outdoor spaces. Terraced properties provide an attractive middle ground, making them appealing to those looking for a balance between budget and living space.

*Exploring Sold Properties*

In the last year, a total of 3,151 properties were sold in NN29. Let’s take a glimpse into some of the properties that changed hands and their selling prices:

Date Sold Address Property Type Price Freehold/Leasehold
12 May 2023 130, London Road, Bozeat, Wellingborough, NN29 7JR 3 bed, semi-detached £265,000 Freehold
20 Apr 2023 76, London Road, Bozeat, Wellingborough, NN29 7JR Terraced £150,000 Freehold
13 Apr 2023 17, Hinwick Road, Wollaston, Wellingborough, NN29 7QX Terraced £215,000 Freehold
6 Apr 2023 33, Saxon Rise, Irchester, Wellingborough, NN29 7AU 2 bed, semi-detached £240,000 Freehold
31 Mar 2023 24, Wollaston Road, Bozeat, Wellingborough, NN29 7LT 2 bed, terraced £233,000 Freehold
28 Mar 2023 1, Clayland Close, Bozeat, Wellingborough, NN29 7NT 3 bed, semi-detached £237,000 Freehold
27 Mar 2023 9, Warren Close, Irchester, Wellingborough, NN29 7HF 3 bed, semi-detached £205,000 Freehold
24 Mar 2023 13, Station Road, Irchester, Wellingborough, NN29 7EH 2 bed, terraced £169,000 Freehold
24 Mar 2023 18, James Street, Irchester, Wellingborough, NN29 7BL 3 bed, semi-detached £290,000 Freehold
20 Mar 2023 97, Hinwick Road, Wollaston, Wellingborough, NN29 7QY 2 bed, terraced £250,000 Freehold
17 Mar 2023 58, Mill Road, Bozeat, Wellingborough, NN29 7JA 3 bed, semi-detached £350,000 Freehold
17 Mar 2023 59, Queen Street, Bozeat, Wellingborough, NN29 7LA 2 bed, detached £290,000 Freehold
14 Mar 2023 4, Goodens Lane, Great Doddington, Wellingborough, NN29 7TY 4 bed, detached £575,000 Freehold
28 Feb 2023 110, Arkwright Road, Irchester, Wellingborough, NN29 7EF 3 bed, terraced £228,500 Freehold
27 Feb 2023 121, Wollaston Road, Irchester, Wellingborough, NN29 7DD 4 bed, detached £407,000 Freehold
23 Feb 2023 18, Howard Road, Wollaston, Wellingborough, NN29 7QZ 3 bed, terraced £258,000 Freehold
23 Feb 2023 7, Puddingbag Lane, Bozeat, Wellingborough, NN29 7LN 1 bed, terraced £180,000 Freehold
17 Feb 2023 157, Wollaston Road, Irchester, Wellingborough, NN29 7DD 3 bed, detached £375,000 Freehold
17 Feb 2023 89, Saxon Rise, Irchester, Wellingborough, NN29 7AU 3 bed, terraced £234,000 Freehold
17 Feb 2023 28, Wollaston Road, Irchester, Wellingborough, NN29 7DE 3 bed, semi-detached £305,000 Freehold
9 Feb 2023 119, Wollaston Road, Irchester, Wellingborough, NN29 7DD 3 bed, detached £380,000 Freehold
3 Feb 2023 38, Gipsy Lane, Irchester, Wellingborough, NN29 7DL 3 bed, detached £440,000 Freehold
2 Feb 2023 110, London Road, Bozeat, Wellingborough, NN29 7JR Detached £249,000 Freehold
1 Feb 2023 33, Duck End, Wollaston, Wellingborough, NN29 7SH 2 bed, terraced £188,000 Freehold
31 Jan 2023 182, Station Road, Irchester, Wellingborough, NN29 7EW Detached £695,000 Freehold

*Understanding the Growth*

The dramatic increase in NN29’s house prices can be attributed to several key factors. Firstly, the region’s attractiveness as a residential location has grown due to its proximity to major cities and employment centers. This has drawn in a considerable number of homebuyers seeking a balance between suburban tranquility and urban accessibility.

Additionally, limited housing supply has played a role in driving up prices. As demand increases, the scarcity of available properties puts upward pressure on prices, creating a competitive market for potential buyers.

Lastly, the economic climate and prevailing interest rates may have contributed to the spike in house prices. Low-interest rates tend to make mortgages more affordable, enticing buyers to invest in properties, further fueling demand.

*Conclusion*

NN29 has experienced a phenomenal surge in house prices over the past year, leaving investors and homebuyers in awe of the region’s remarkable growth. The popularity of semi-detached properties, along with limited housing supply and favorable economic conditions, have all contributed to the surge in property prices. As the market continues to evolve, it will be intriguing to see how these trends unfold and what lies ahead for NN29’s real estate landscape. Whether you’re a homeowner looking to sell or a prospective buyer, staying informed about market dynamics will undoubtedly be key to making informed decisions in this dynamic property market.

 

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Northampton NN4 property market update April 2023

Trellows Market Update

Northampton NN4 property market update April 2023

 

House Prices in NN4

Properties in NN4 had an overall average price of £336,653 over the last year.

The majority of sales in NN4 during the last year were detached properties, selling for an average price of £457,338. Semi-detached properties sold for an average of £283,377, with terraced properties fetching £245,095.

Overall, sold prices in NN4 over the last year were 11% up on the previous year and 19% up on the 2020 peak of £284,050.

Most Expensive House Sold

36, Belfry Lane, Collingtree, Northampton, West Northamptonshire NN4 0PB

NN7 1HF

226401513 original

Sold on 18 Jul 2022

Sold Price £1,600,000

  • Modern detached house
  • Seven bedrooms; two en suite
  • Three reception rooms
  • Kitchen/breakfast/family room
  • Triple garage and parking
  • Large established  gardens
  • Backing onto Golf Course

 

With its close proximity to the M1 and A45, NN4 has long been the preferred choice of commuters and those who need easy access to road links.

NN4 boasts some of the best schools in the county and has consistently maintained the position of being one of the most sought after postcodes for fist time buyers, as well as next time buyers.

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What is happening to the UK property market

What is happening to the uk property market

What is happening to the UK property market

Whether you’re applying for your first mortgage, or you’re already a homeowner, you’ll know there’s a lot of news coverage about interest rates, inflation and mortgage loans right now. 

So what’s happening, and why? How it might affect you will depend on what type of mortgage deal you’re looking for, or the type of deal you’re on – and how much longer is left on the term of your loan. 

Plus, forecasts on rising interest rates are changing quickly, along with wider economic conditions. No one knows for sure what’s ahead, but we’re still seeing tens of thousands of people requesting to view properties each day, which is the same level that we’ve seen all month.

So if you are thinking of moving, or if your mortgage term is coming to an end soon, here we’ve tried to help answer some of the questions you might have. 

Why are mortgage rates rising now?

Before this week, mortgage rates had already been increasing throughout the year. The Bank of England sets the ‘base rate’, which lenders use to set their own mortgage rates. In January of this year, the base rate was 0.25%. Since then, it has gone up incrementally and is currently 2.25%. 

The Government sets the Bank of England an inflation target of 2%, but the current rate is 9.9%. It’s the Bank of England’s responsibility to make sure inflation is low and stable, so they need to bring inflation back down. The way they do that is by increasing interest rates. 

The Bank of England forecasts inflation to rise to about 11% in October, and that it will stay above 10% for a few months before starting to fall. 

Rising interest rates have led to an increase in the average mortgage rates that are available. As an example, if you have a 10% deposit and choose to take out a two-year fixed rate mortgage, the typical rate that was available in January was 2%. That increased to an average of 3.9% at the end of August. These rises had been predicted and lenders were able to factor them in gradually. 

Mortgage rates have been rising further this week because when unexpected things happen in financial markets, they’re likely to have a direct impact. Last Friday (23rd September), the Chancellor’s mini-budget unveiled the biggest tax cuts for 50 years, including a stamp duty cut for home-movers in England and Northern Ireland.

This has resulted in a lot of speculation about how these cuts might impact the UK’s finances. The value of the pound has seen record falls, which is likely to drive inflation up further. As a result, it’s widely believed that the Bank of England may need to raise interest rates faster and higher than previously forecasted. 

At the minute, there’s a suggestion from the financial markets that the bank base rate could rise to 5.8% by next spring. This has impacted the underlying costs of fixed-rate mortgages. This is why some lenders have repriced deals and others have temporarily removed some or all of their products. Some of the lenders who have withdrawn products are expected to return with new deals in the coming days and weeks.

How might increasing interest rates affect my mortgage?

If you’re a first-time buyer, moving home, or remortgaging, it’s likely you’ll be impacted by the changes. If you have a fixed-rate deal, the good news is that it will be business as usual, and your monthly repayments won’t change, at least until your current deal ends. 

If you don’t do anything, at the end of your deal you’ll automatically move on to the lender’s Standard Variable Rate (SVR). These rates tend to be higher than other mortgage rates and are generally changed to reflect movements in the Bank of England’s base rate. 

Take a look at how your repayments would change if you have a 25-year mortgage term and are looking at a fixed-rate for £200,000, based on rates increasing from between 2% to 6%. 

Fixed mortgage rate (£200,000 over 25 years) Monthly payments Increase in monthly payments
1% £754
2% £848 +£94
3% £948 +£194
4% £1,056 +£302
5% £1,169 +£415
6% £1,289 +£535

 

If you’re among the estimated 15% of borrowers with a variable or a tracker mortgage, your monthly outgoings will almost certainly go up. The interest rate paid on tracker mortgages is usually anchored against the bank base rate plus a set percentage. For example, the current base rate of 2.25%, plus 1%, would mean you’d be paying 3.25% interest right now. 

Can I still get a fixed-rate mortgage deal now?

Some lenders have withdrawn their fixed-rate products, while others have increased their prices in response to the rapidly changing costs of their funding. But it’s definitely worth finding out what your options are. 

If you’re on a tracker or a variable mortgage, you could shop around to see if you can find a cheaper option with a fixed-rate mortgage. However, you might have to pay an early repayment charge first. You could speak to a qualified mortgage broker or adviser if you’re unsure which options would be best for your individual circumstances. 

I’m on a fixed rate, what are my options when my deal ends?

If your fixed-rate deal is due to end within the next six months, you could see what your options are for locking in a deal now. 

Many lenders will allow existing customers to apply for new deals up to six months before their current rate ends without having to pay an early repayment charge. This is often called ‘product transfer’ or ‘switching’. This is a relatively easy process as you’re staying with your existing lender, so you won’t need a solicitor or a property valuation, and there’s no need to prove your income. 

If you’re looking to move lenders – whether you’re remortgaging or moving home – you may want to start well before your fixed-rate deal ends, as the application process can take several months or more. 

There is so much fluctuation in the mortgage market right now, you might want to look at what your lender has to offer or speak to a mortgage broker to find out which deals are available to you. 

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Elizabeth line property guide

Elizabeth line property guide

Elizabeth line property guide

 

Canary Wharf has been a long slow burn ever since the late 1980s when Margaret Thatcher decided to transform acres of derelict dockland in east London into London’s second financial centre.

Those early days were full of mishaps and disappointments — the cost of the Docklands Light Railway spiralled, and critics pointed out that once its offices cleared out the area became a ghost town.

But since 2012 things have changed, radically. No longer simply a place for bankers to earn a crust, Canary Wharf has become a modern destination in its own right.

You can relax in the Crossrail Roof Garden or Jubilee Park, shop at Crossrail Place or a series of underground malls, admire the boats at South Dock, learn to sail at the Docklands Sailing and Watersports Centre at Millwall Outer Dock, eat at the kind of restaurants where an expense account is a help — notably Roka (Canada Square), Ippudo London (Crossrail Place) or Hawksmoor (Water Street) — or stroll over to West India Quay where Grade I listed waterfront warehouses have been redeveloped with bars and restaurants.

The Canary Wharf Group puts on scores of cultural events each year, like the Winter Lights Festival and public art displays.

“When I tell people I live in Canary Wharf the majority of people say: “Oh it’s so boring, there is no character”,” said Kevin Tang, 51, who has lived in the area since 2000 with his husband Geffrye Parsons, 56.

Crossrail journey times

Canary Wharf to:

Tottenham Court Road: 13 minutes

Paddington: 18 minutes

Heathrow: From 54 minutes

Timings include ten minutes for interchange at Liverpool Street, eight minutes for interchange at Paddington, in force until 2023

“I think people should come and look at it now. It has actually got lots of character, because of the architecture. You feel very metropolitan when you live here, it is what modern London is all about. And it is heaving at the weekends with people coming to eat and drink and shop.”

The resident population of Canary Wharf has spiralled since the start of the 2000s as new towers have flown up. In 2011 there were 12,500 people living in the Canary Wharf ward, according to Tower Hamlets Council. By 2020 it had jumped to 19,000 and this is projected to leap to around 40,000 once all the new homes in the area are completed.

New landmarks on the skyline include Herzog & De Meuron’s One Park Drive, a 58 storey giant; prices currently start at £840,000 for a one bedroom flat.

There has also been heavy investment in flats built to rent. The largest to date is the Newfoundland tower, which was completed last summer. Its 636 flats cost from £2,383pcm for a one bedroom flat, and £3,335 for a two bedroom flat.

Average house prices since work on Crossrail started

2012: £371,700

2022: £603,000,

Growth: 62 per cent

Source: Hamptons

Beyond the official Canary Wharf estate new towers are being built overlooking South Dock, technically in the Isle of Dogs The 53 storey Amory Tower (formerly known as The Madison) and the 75 storey Landmark Pinnacle — where studio flats start at £559,000 — both completed last year.

Kevin, a property developer, and Geffrye, who recently took early retirement from his career in finance, reserved a flat in One Park Drive back in 2018 — the one-bedroom property, with phenomenal view from one of the highest floors, cost just over £1 million.

In the interim they rented a flat at 10, George Street, a purpose-built rental block, in 2020 before moving to their home at the start of this year.

They chose Canary Wharf partly because they were excited by the prospect of owning a home in Herzog & De Meuron’s first UK residential project. They travel frequently so living in a safe, lock up and leave home was another pull, along with the direct links to Heathrow that come with Crossrail’s long-awaited opening.

Their longer term plan is to move to Canada, and they plan to use the flat as a pied-à-terre, with the option of renting it out while they are not in the UK.

James Hyman, head of residential at Cluttons estate agents, estimates that around 70 per cent of Canary Wharf’s flats are bought by investors able to let a two-bedroom flat for around £2,200 per week.

Would-be owner occupiers can get a bit more for their money by opting for a resale flat rather than something brand new — around £750,000 would buy a two-bedroom apartment.

Hyman thinks the biggest challenge Canary Wharf’s market has faced over the past couple of years has not been the pandemic and absence of overseas buyers and local office workers.

It has been the building safety crisis and the subsequent demands for buildings to pass fire safety checks. “So many of those blocks still don’t have the right documentation to satisfy a lender and that has slightly suppressed the market,” said Hyman.

As a result, prices have inched up by just three per cent in the past two years.

Hyman agrees with Kevin that the appeal of Canary Wharf is its uniqueness. “It is a very sophisticated part of London if you want modern, purpose built living,” he said. “It is owned by a Singapore-based business, it is maintained to a Singapore standard and is probably the closest environment to utopia that exists.

“And Canary Wharf has changed massively over the past 10 years. It is buzzy at the weekend. The retail is West End standard, there are restaurants and bars. A lot of people who live in Canary Wharf don’t work there. Historically you only lived there if you also worked there.”

The future

The Canary Wharf Group has started work on the five million sq ft Wood Wharf development, which will include a hub for tech companies plus more than 4,000 new homes to rent or buy. The wharf will also include lots of new restaurants like street food sensation Mercato Metropolitano, due to open “imminently” within 10 George Street.

And at North Quay, there are plans to create a life sciences hub, several apartment buildings, a casino, nightclub, and skatepark.

To counteract all this steel, grass, and concrete, it was announced earlier this year that Canary Wharf chiefs are working with the Eden Project on plans to create a “green spine” through the docklands, featuring parks and gardens, boardwalks, bridges, and floating pontoons through the centre of the neighbourhood.

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London’s prime bubble sees record sales in homes over £5 million

London’s prime bubble sees record sales in homes over £5 million

London’s prime bubble sees record sales in homes over £5 million

Almost £3 billion was spent on £5 million-plus properties in the first half of 2022 as prime central London retains reputation as a ‘safe haven’ for foreign buyers

Mega-mansions are flying off the shelves in the top end of London’s property market with a record 294 homes in the £5 million plus bracket changing hands in the past six months.

Almost £3 billion has been spent on luxury property costing £5 million or more so far in 2022 according to research by agent Savills, the highest ever recorded.

Over half the sales in traditional super prime hotspots like Knightsbridge, Chelsea and Belgravia.

At 294, the number of homes sold in the first half of this year is almost as high as the total seen across 2019 as a whole (308 homes), the last period unaffected by the pandemic. It is even higher than in the bounce-back years following the 2008 financial crisis. There was also an increase in homes selling for more than £10 million, with 89 £10 million-plus sales completed in the first half of 2022, a 41 per cent increase on the first half of last year and 94 per cent increase on 2020.

A separate report from LonRes recorded super luxury sales including a 12-bedroom mansion on Belgrave Square near Harrods which sold for £90 million, and a property on The Boltons in Chelsea which sold for £42 million.

However, prices in prime London areas are still 17.6 per cent below their 2014 peak. Since then, the top end of the market has faced setbacks ranging from Brexit to tax changes and most recently the pandemic which has kept foreign buyers away. Many Asian buyers, particularly those from China and Hong Kong, were reluctant to visit London because of onerous Covid restrictions when they returned home while Russian buyers have also completely dried up since the start of the war in Ukraine.

This means wealthy Britain-based buyers continue to dominate the market’s top-end. With less reliance on the need to borrow money, this group remains relatively unaffected by the issues in the mass market such as rising interest rates and the cost of living crisis. A combination of these factors, plus the looming threat of a recession, means some experts have predicted house prices in the mainstream market will cool towards the end of the year.

Alex Christian, London director at Savills Private Office, said some foreign investors were starting to re-emerge in the prime London market, especially Asian buyers.

“London still looks like good value in a historical context, with prices well below the 2014 peak, and the pound remains weak against the American, Singapore, and Hong Kong dollar, as well as the Chinese Yuan, meaning that London property is looking like an increasingly good investment opportunity to buyers in these markets.”

He added: “Above all, prime central London’s reputation as a safe haven for international investment remains, and it is also seen as a secure bet to hedge against inflation.”

Alex Woodleigh Smith, managing director of Knightsbridge buying agency AWS Prime said the sector was seeing a correction in the value of prime central London property following the sharp decline experienced between 2015 and 2022, coupled with an ongoing shortage of stock.

“Add to this, a reinvigorated pool of domestic buyers and the re-emergence of international buyers fighting over limited supply and it is easy to see why scarcely available properties in the best addresses in London have become so irresistible. As a result, our summer has been anything but quiet”.

There has been a distinct increase in confidence in the prime London property market, which is resulting in more interest and an broad cross-section of investors from around the world investing in London.

Antony Antoniou, director of Trellows Luxury Homes said:

“As a major brand in the luxury market, we have noticed a significant increase in interest in the prime London market, with many of our most sought-after properties selling off-market, or before they even hit the market.”

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London market benefiting from frozen Russian property sales

London market benefiting from frozen Russian property sales

London market benefiting from frozen Russian property sales

Sanctions against Russians slow down supply of high-end property in London

The war in Ukraine is making it hard for even unsanctioned Russians to sell exclusive residential property in Britain, adding to a shortage of supply that has helped drive up house prices in prime locations, real estate sources say.

Russian oligarchs, Middle Eastern oil barons and billionaire Chinese entrepreneurs have been on a spending spree on London real estate over the past three decades, snapping up trophy homes and high-end commercial property.

But the four-month-old invasion of Ukraine, which Russia calls a special military operation, has prompted Britain to slap sanctions on more than 1,100 Russians it says have ties to the Kremlin, spreading unease and freezing house sales in so-called Londongrad, agents say.

“There have definitely been a number of transactions that have not gone through, two in excess of 40 million pounds ($49 million),” said Charlie Willis, CEO of property broker The London Broker, adding that in both cases, the buyers were advised not to proceed “just because the seller was originally Russian”. He declined to give further details.

THE BIG SQUEEZE

A widespread shortage of available properties has pushed up prime London prices by 4.7% since the invasion, according to agents Benham & Reeves, although prices in Belgravia and Knightsbridge – popular locations for Russians – have climbed slightly less, at 3.3%.

“The market’s being fuelled by a lack of supply,” said Geoff Garrett, director at mortgage broker Henry Dannell.

The number of prime central London residential sales was down 30% between March and May compared with last year, though still up on pre-pandemic levels, according to property data firm LonRes.

Estate agent Aston Chase estimates there are over 150,000 Russians living in London who between them own eight billion pounds of real estate assets, businesses, and other investments in Britain.

But Mark Pollack, Aston Chase’s co-founder, says wealthy Russians are increasingly cautious about being caught up in the web of sanctions.

“Russians aren’t buying (in the same way) and they are not selling, not necessarily because they don’t want to in some instances, but because they probably can’t or it might be sensible to hope the … dust settles,” he said.

Britain in February scrapped its so-called “golden visas” for wealthy investors and last month announced plans for a new economic crime bill, intended in part to identify the owners of property in Britain and combat illicit finance, although critics say loopholes remain.

Henry Sherwood, managing director of The Buying Agents, which focuses on properties starting at around five million pounds, said the crack down had helped dash hopes the war and sanctions might lead to a flurry of cut-price Russian sales.

At the beginning of the war, “we had people ringing up saying: ‘Have you got any Russians selling?’,” he said.

But he added: “The more discreet don’t want to have anything to do with them. Our buyers don’t want to be associated with firesales – they don’t want to get into a transaction that will never happen.”

One unsanctioned Russian failed to secure three lawyers before finding one willing to help him sell an expensive London property, a senior executive at a property development firm on the other side of the deal told Reuters.

Russian tenants including students are also finding it hard to transfer funds due to sanctions, forcing them to withdraw from the market in London, said Marc von Grundherr, director at Benham & Reeves.

Unprecedented Western sanctions on Moscow, the withdrawal from Russia of scores of Western companies and pressure on London’s advisory companies to cut links with Russian clients have driven some Russian buyers to friendlier property hotspots such as Dubai or Istanbul.

One Russian client, Pollack said, had pulled out of buying an 18 million pound London apartment when Russian tanks rolled into Ukraine in February because they were nervous about the political rhetoric in Britain. They still want a London home, but have halved their budget, he said.

But buyers from other regions are helping to keep the London market buoyant.

International buyers have accounted for at least a third of property purchases in prime central London locations in every quarter between 2011 and 2019, according to data from Statista.

Vic Chhabria, managing director at agent London Real Estate Office, which specialises in new constructions as well as high-rise condominiums and luxury homes, said his appointment diary was full, with most interest from buyers in Singapore, Hong Kong and Mumbai willing to spend between two and 20 million pounds.

A prolonged war, tighter regulation, rising interest rates, raging inflation and brutal stock market drops could yet take the heat out of some of that growth, agents added.

“The property market has been flying over the course of the last two to three years,” said Garrett. “All of these cycles have to slow.”

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Northampton property market update June 2022

Trellows Estate Agents Northampton

Northampton property market update June 2022

House Prices in Northampton

Properties in Northampton had an overall average price of £271,525 over the last year.

The majority of sales in Northampton during the last year were terraced properties, selling for an average price of £226,847. Semi-detached properties sold for an average of £251,378, with detached properties fetching £392,135.

Overall, sold prices in Northampton over the last year were 4% up on the previous year and 14% up on the 2018 peak of £239,048.

Average Property Price

Detached

£418,237

Semi-Detached

£261,824

Terraced

£228,214

Flats

£148,903

Northampton has a broad cross-section of property, with more a good supply of homes in the upper quartile. 

The market remains very strong and the figures clearly demonstrate that it continues to be a seller’s market. 

The most expensive property to have within the last year is still

5, Spyglass Hill, Northampton, Northamptonshire NN4 0US

Spyglass Hill 01
Spyglass Hill 02
Spyglass Hill 03
Spyglass Hill 04
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Northampton property updates proposals to cut stamp duty

Stamp Duty Tax Trellows Estate Agents Northampton

Northampton property updates proposals to cut stamp duty

 

There is growing speculation that the government is planning to encourage pensioners to downsize by offering a stamp duty tax break. The move would be a welcome one, according to the National Association of Property Buyers (NAPB) as it would potentially increase the supply of larger properties coming onto them market. It is estimated that almost four in ten properties are officially ‘under-occupied’, meaning they have too many bedrooms for those living there, and could be more effectively used by families with children.

Jonathan Rolande, from the National Association of Property Buyers (NAPB), said: “We’d welcome a stamp duty cut for pensioners selling their own home to downsize. It would allow them to move without the penalty of high SDLT and would certainly encourage more to do so.

“Currently a pensioner selling a family home at £700,000 to buy at £500,000 would face a £15,000 stamp duty bill and with other costs such as estate agent and solicitors a move downward is going to cost them nearly £30,000 – a figure many simply cannot bring themselves to pay when leaving a much loved family home.

“Government receipts from stamp duty have more than doubled in the last ten years so there is certainly capacity to offer targeted reductions to help free up stock.”

Buy-to-let landlords could also be given incentives, such as lower capital gains tax, to sell their second homes to first-time buyers. But Rolande fears that this measure could backfire. He added: “We strongly disagree with any plan to reduce taxes for landlords who sell to first time buyers,” he added.

“The last thing we need right now is fewer properties to let, penalising those not in a position to buy their home. If tax breaks for wealthy landlords are on the table, why not use them to incentivise those who let their property on longer term agreements, giving more security to hard pressed tenants?

“We’re very glad that the government is looking at measures to repair parts of the broken property market but I am fearful that ill-considered action to solve one problem here will create another issue elsewhere.”

COMMENT

The government needs to seriously consider its position on Stamp Duty. As house prices have risen, more and more properties have approached the higher Stamp Duty rates, creating a glass ceiling, that is discouraging people from moving upwards. People in the UK are used to moving home, to move upwards, outwards or near to another job, but the punitive rates are punishing those who by moving are contributing the economy in a very significant manner.

The volume of property for sale is at an all time low, onw of the factors contributing to this is that as the chain of sales has worked its way upwards, there comes a point where it is just too uneconomical for people to move upwards, which would make their home available for those lower down the ladder to also move. The exchequer is collecting less tax from the top 5% of properties today, than before they increased the rates, making their logic unclear.