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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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Trellows Property Market Update March 2023

Trellows Property Market Update

Trellows Property Market Update March 2023

An overview of the UK residential property market

Summary

This month saw the 11th interest rise in 15 months, taking the base rate from 0.1% in December 2021, to 4.25% a rise of 4,250%. The current rate may not be high by historical standards and still remains lower than the median average, but following 15 years of historical lows, that have resulted in much higher borrowing overall, the effects of the increase have had an enormous effect on borrowers, as the larger average mortgage has amplified the effects of the increase, but how does this affect the market overall?

Background

This month, the UK base rate has risen to its highest level since 2008. There are many contributing factors to  the need for the base rate to rise, although it was inevitable that the base rate has been at a historical low since the last financial crisis and therefore, it was only a matter of time.

In real terms, the current rate of 4.25% is having a greater impact on borrowers that it would have done in the past, due to the higher earning to borrowing ratio, as the value of mortgages has risen exponentially.

With inflation for 2022 ending at over 10% (although it much higher in real terms) and although it was predicted to fall this year, the latest figures for March, confirmed that contrary to falling, inflation had risen to 10.4% which signalled the latest rate rise.

The true impact of higher borrowing costs along with the general slow-down of the property market has not made its way to the public forum yet, as there is long time lag between agreed sales and published figures.

The sales that are completing now, are still for the main part, sales that were agreed before the disastrous mini-budget, that rocked the money markets, it then takes upwards of three months from the point of completion before figures are published on the land registry website.

The figures that we do have, indicate that on average, property is already at or below the figure it was at he beginning of 2022, with further falls on the horizon.

However, if we then factor in an anticipated compound inflation rate for 2022-2023 by the end of this year, that is on course to be in excess of 20%, then we can see that in real terms, property need only fall by 10% which is being accepted to be a minimum, by most of the industry pundits, whether they admit it openly or not, for house prices to end the year 30% lower than they were at the start of 2022.

In addition to this, there has already been a fall in wages(adjusted for inflation) of around 5% minimum, with the possibility of a further 5% fall by the end of this year, which has seriously effected affordability.

The inevitable fall in prices, is not by any means anything to be alarmed about, the combination of affordability, due to inflation and lower wages (when adjusted for inflation) in addition to all the other factors within the UK economy, but should we be alarmed by this and expect a property meltdown?

The short answer is no, there is always a correction in property prices at some point in the cycle and this is simply that time now. The impact of exiting lockdown, rocketing energy costs and an over-heated market, thanks to the stamp duty holiday have contributed to the ‘perfect storm’ which should not come as any surprise to any of us.

London property market snapshot

Interest Rates 2020-2023

Average house price change since 2007

Average UK house price annual percentage change was 6.3% in the 12 months to January 2023

Completed house sales 2015-2022

The average house price change since January 2023 is even steeper than the fall in 2008.

statistic id290623 monthly completed house sales volumes in england and wales 2015 2022

As we can see, July 2022, was clearly the peak of the current cycle, with completions falling to their lowest level since 2008 (with the exception of the lockdown)

Additional contributing factors

The Renter’s Reform Bill’ is expected to get through parliament in the next few months, which will transform the rental market significantly. This on top of the Section 24 income tax act, has contributed to an exodus of buy-to-let landlords from the market. Although there is an increasing entry in the buy-to-let market by the corporations, (15% of property sales in 2022, were to institutional investors) with Lloyds Bank declaring that it intends to be the UKs largest landlord by 2025 and even Tesco making an entry in the ‘Build-to-Rent’ market, these institutional investors are not likely to be taking up the properties off-loaded by exiting buy-to-let landlords.

On top of this, there is the anticipated raising of the minimum EPC rating for rental properties, from the current ‘E’ to a ‘C’ in 2025, although this has yet to be confirmed. This has certainly added fuel to the fire, with over 60% of rental properties in the UK being rated ‘D’ or lower, the cost to landlords could be prohibitive.

In addition to this, yet more bad news for landlords, has been the recent increase in the ‘stress-test’ by most buy-to-let lenders. When this was introduced, it was set at 125% of the rental income, that is to say, that the rent needed to be at least 125% of the prevailing interest payments. However, many lenders have increased the rate to as much as 141% in recent months, which added to significantly higher rates, many landlords are failing the stress tests and therefore unable to re-fix with a better deal, leaving them exposed to BTL variable rates, which are as high as 9%.

All this factors combined have spelt disaster for the thousands of individual BTL landlords.

Conclusion

Whilst the current situation may seem to be the recipe for Armageddon in the property market, there are also many reasons why the market will not grind to a halt.

First Time buyers:

There is without doubt a growing number of first time buyers, who should be very careful about buying at this time with a small deposit of course, as they risk finding themselves in negative equity for the next few years, but as the slide in prices begins to ease, there will be a tipping point, where those who can, will begin to enter the market..

Next Time Buyers:

Regardless of the situation in the property market, this need not be an obstacle to those who need to move and for those moving upwards, there could even be a benefit. The key here is to ensure that you are using a good estate agent, who is not only going to be realistic about the property market, but one who will also work hard to ensure that your property is noticed amongst the increasingly growing number of properties coming to market.

Albeit in lower numbers, properties are still selling, but it is only those that are priced realistically that are finding buyers. The key for next-time-buyers is that although they may need to take an offer lower than they had hoped for, that drop can/should also be reflected (in percentage terms) on the property that they are buying.

If you want or need to sell, in the current climate, the worst thing that sellers could do, is to go on the market too high, the longer that their property is on the market, the lower the final selling price will be.

Investors

There is a large number of investors, already looking for a bargain, but far more who are waiting for the fall to level off, before they begin to enter the market, therefore many of the properties that are either on the market, or due to come to market this year, will find buyers, albeit at a lower price, which will cushion the fall.

Demographics

The ownership of property has changed significantly over the last two or three decades, with an increase in numbers who are either renting, or mortgage free. Those who need to rent, will continue to do so, regardless of the rising rents, even if many do decide to resume living at home, the demand for rental properties continues to out-strip supply.

These two factors combined, result in the effects of higher interest rates impacting a smaller percentage of households in the UK, therefore the likely hood of the housing crisis of the early 90s, where thousands of homeowners were handing back their keys, very unlikely.

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Northampton NN7 property market update January 2023

Trellows Market Update

House Prices in NN7

Properties in NN7 had an overall average price of £451,830 over the last year.

The majority of sales in NN7 during the last year were detached properties, selling for an average price of £602,943. Semi-detached properties sold for an average of £356,805, with terraced properties fetching £255,833.

Overall, sold prices in NN7 over the last year were 20% up on the previous year and 25% up on the 2020 peak of £362,181.

 

In Northampton NN7, there are currently 332 properties on the market, of which 137 or 41% are SSTC. This indicates that Northampton NN7 has moved in the the realms of a ‘Buyer’s Market’ with sensibly priced property still managing to achieve sales. 

Most Expensive House Sold

Chase House, Chase Park Road, Yardley Hastings, Northampton, Northamptonshire NN7 1HF

224039532 original

Sold on 8th April 2022

Sold Price £2,101,000

  • Modern detached house
  • Five bedrooms; two en suite
  • Three reception rooms
  • Kitchen/breakfast/family room
  • Pool room
  • Triple garage and parking
  • 1.29 acres of mature gardens
  • Backing onto woodland