Tag: Northamptonshire

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Will the Northampton housing market collapse in 2022

Will the Northampton housing market collapse in 2022

Will the Northampton housing market collapse in 2022

Is the market in danger of freefall?

 

There’s no doubt 2021 was a bumper year for house prices. According to the latest ONS House Price Index, prices increased by nearly 11% year on year. The UK property market was buoyed by low interest rates, the Stamp Duty holiday and changing work habits. But will house prices continue to rise in 2022?

Many experts in the industry believe that house prices will finally begin to fall this year.” That would be welcome news for first-time buyers and upsizers.

Let’s take a closer look at the outlook for house prices in 2022, and reveal the experts’ predictions.

If you were shaken by the inflation figures from the Office for National Statistics, showing the Consumer Price Index in March was up seven per cent year-on-year, I am afraid I have to warn you that there will be more bad news in store next month. City predictions are that it will climb to around 8.8 per cent before falling back a bit through the summer. The number for the retail price index, the traditional measure, was even higher at nine per cent.

But there was another inflation figure published by the Government yesterday, which generated rather less attention. It was higher still: 10.9 per cent. That was the rise in house prices in the year to February. The fact that there was so little apparent concern says a lot about public attitudes to inflation.

Rationally, the amount we have to pay for somewhere to live is just as important as the amount we pay for other necessities such as food and fuel bills. We are ambivalent about house price inflation because for the people who own their homes, rising prices are rather a good thing. Some 65 per cent of households in the UK are homeowners, down from a peak of 71 per cent in 2003. But for most people home ownership would be the tenure of choice.

In 2014 the British Social Attitudes Survey found that given a free choice, 83 per cent would like to own their homes. On the other hand, there was strong push-back against home building, with 45 per cent of people opposing new homes being built in their area. In the south of the country that proportion rose to 50 per cent.

A mountain to climb for young people

There is the problem. We want to own our homes but we don’t want new ones to be built. You don’t need to be an economist to appreciate that if you restrict supply in the face of rising demand, prices are likely to go up. And so it is with homes in the UK. The average price for an existing property is now £266,669 and £352,909 for a newly built one. The average first-time buyer paid £230,593, up 10.1 per cent on a year ago, a sum that for many young people who don’t have family help is a mountain to climb.

So what happens next? Much will depend on the Bank of England and its path of interest rates. They are already on the move, and rose again to 1% yesterday, We will get its quarterly Monetary Policy Report then and that will give us more of a feeling for the future both of inflation and of interest rates. Incidentally, it used to be called the Inflation Report. They changed the name in November 2019, just before inflation began to take off, a shift that looks pretty silly now. I think they should eat humble pie and change it back.

Present surge expected to tail off

But there won’t be much about house prices. What will happen to them? Well, a new set of forecasts have just been published by experts, and the message there is that the present surge will start to tail off from now on.

Many in the industry think the average increase this year will be about five per cent, falling to one per cent in 2023 and two per cent in both 2024 and 2025, then climbing by three per cent in 2026. There will be regional variations, with the East of England and the East Midlands doing rather better than London or Scotland, and these are averages, so there may be some local declines.

It appears that three things stand out. One is that nobody is predicting a crash, such as took place after the banking crisis and subsequent recession of 2008-09. The second is that there will be a couple of years, maybe longer, where house prices will rise more slowly than overall inflation. So homes will become more affordable, relative at least to goods and services, and almost certainly to income too. And third, even with this quite sober outlook, prices in 2026 will, at least on average, be 13.6 per cent higher than they are now. This may not be a great time to buy a home, but it is not a dreadful one.

These are brave forecasts from industry experts who deserve credit for their work. The overall message is that buying and selling homes will not bring easy profits, as that has for many people over the past few years. People won’t be boasting that they made more from their house than they did from their jobs. That’s a good thing, for in broad social terms to have homes become more affordable for young people must be right. But a crash would do no good either. I think and hope Knight Frank is right on that one too.

Further thoughts

We’re not expecting a crash in house prices because while interest rates have to rise, they are not heading into the double digits, or anything close, as they did in the 1970s and 1980s. The overall demand for housing in the UK will continue to rise for two main reasons.

One is that the population is increasing and will continue to do so for the foreseeable future. The other is that people need bigger homes as a fair proportion of us will continue to work from them, at least part-time.

What might destabilise the market, overriding these two demand factors, would be distress sellers: people who have to sell fast because they have lost their jobs or because mortgage rates have risen too fast. As yet there is zero sign of the job market going into reverse. We learned this week that unemployment at 3.8 per cent is the equal lowest since 1974-75 and the number of unfilled vacancies at 1,288,000 the highest ever.

The labour market will cool eventually, but that will take time and borrowers will therefore have time to sort out their finances. And as for mortgage rates, the very fact that there is so much debt around means that rates don’t have to go so high to curb inflationary pressures. So a plateau in house prices as wages gradually catch up seems more likely than a sudden fall.

Young central bankers not experienced enough

But it would be right to end with a warning. It is always tricky to end a boom without pushing the economy into a slump, and the present generation of central bankers have no experience of coping with runaway inflation. They are too young. Andrew Bailey, the current governor, joined the Bank of England in 1985, five years after the US Federal Reserve had famously increased its interest rate to 20 per cent, thereby knocking inflation on the head – but causing a recession.

The present generation – and this is not to get at the Bank of England in particular – have allowed the worse inflation for 40 years. The question is, do they have the judgement to curb it now without triggering another recession?

Conclusion

It is unlikely that prices will head south in a significant way, although there will definitely be a correction and isolated minor falls in prices, overall, the market will remain strong. Rents have been increasing, which will ensure they keep pace with rising house prices and only one third of UK homes are mortgaged, with another third being owned outright and the other third being rented. Of the third that are mortgaged, many of them are on fixed deals which should see them through this year and in to next year, by which time the current rises in prices will begin to fall of the RPI, provided that inflation does not spiral out of control, the risk of anything dramatic is negligible.

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Aldwincle Northamptonshire in Focus

Aldwincle Northamptonshire in Focus

Aldwincle Northamptonshire in Focus

A haven of tranquillity in East Northamptonshire

 

Aldwincle (sometimes Aldwinkle or Aldwinckle) is a village and civil parish in North Northamptonshire, with a population at the time of the 2011 census of 322. It stands by a bend in the River Nene, 4 miles (6.4 km) to the north of Thrapston. The name of the village means “Ealda’s nook”.

Aldwincle (sometimes Aldwinkle or Aldwinckle) is a village and civil parish in North Northamptonshire, with a population at the time of the 2011 census of 322. It stands by a bend in the River Nene, 4 miles (6.4 km) to the north of Thrapston. The name of the village means “Ealda’s nook”. Aldwincle has a mixed population of 350, with a high proportion of retired people. Those in employment mainly commute to towns such as Peterborough and Kettering, or further afield to Cambridge, London or Birmingham. There are a number of small home-based businesses, a garage and a village shop, as well as a couple of farms.

There is a highly regarded voluntary aided primary school in the parish, Trinity CE Lower School which is now part of the 2 tier system which was in place for September 2016. The school now caters for Reception to Year 6, with a current roll of about 150 pupils.

Aldwincle Village Hall has been extensively refurbished, including a catering standard kitchen. It has good resources for village events and is available for private hire.

The parish church, dedicated to St Peter, is an attractive and well-maintained building. There are two Sunday services each month, one of them being a Family Service. There is a Baptist chapel and also a second Anglican church building (dedicated to All Saints and shown above), though this was declared redundant several years ago, and is in the care of the Churches’ Conservation Trust. This was one of the first churches to introduce “champing”, and has proved popular with walkers and canoists using the nearby River Nene. The original village rectory was the birthplace of the poet, John Dryden.

 

All Saints Church Aldwincle Northamptonshire in Focus
All Saints Church Aldwincle Northamptonshire in Focus

 

Aldwincle Northamptonshire in Focus
Aldwincle Northamptonshire in Focus

History of Aldwincle

The parish, covering nearly 1120 hectares, consists of an irregular triangle of land, extending N.W. of the R. Nene at 100 ft. above OD, over a broad and generally flat interfluve some 260 ft. to 290 ft. above OD and then down the S. side of the Lyveden valley, here 200 ft. above OD. Except around the village, which lies on river gravel, the greater part of the parish is on either Boulder or Oxford Clays. There are still extensive woodlands on the higher parts.

The parish is noteworthy for the large number of Prehistoric and Roman sites found in it; this has been the result of chance discovery rather than the presence of those physical features which were especially attractive to settlement. The major complex at Henslow Meadow in the S. of the parish was uncovered by recent gravel-workings, and detailed excavation by D. A. Jackson for the Department of the Environment has enabled a long sequence of sites to be recorded. These include the Neolithic mortuary enclosure (1), and a number of barrows and ring ditches (2–7). An Iron Age settlement, Roman settlements, a pit alignment and a Roman bridge (8–11) have also been discovered. Another major Roman settlement and some undated enclosures (12–17) elsewhere in the parish have been discovered by fieldwork and air photography.

In the extreme N. of the parish two medieval moated sites (19) and (20) are part of the extensive remains of now-abandoned medieval settlement in the Lyveden valley (see p. xxxix and Fig. 12), which may have been organized economically on an extra-parochial basis.

Read the full history of Aldwincle HERE

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Lyveden New Bield Lyveden Northamptonshire in focus

Lyveden New Bield Lyveden Northamptonshire in focus Clouds

Lyveden New Bield Lyveden Northamptonshire in focus

Elizabethan lodge & moated garden

 

Tucked away in the heart of the Northamptonshire countryside lies a mysterious house and garden, a remarkable example of Renaissance design and craftsmanship.  Begun by Sir Thomas Tresham in 1595 but never completed, Lyveden is a wonderful survivor of the Elizabethan age and a rare example of late Tudor landscape design. There are tranquil moats, viewing terraces and an Elizabethan orchard to explore, as well as an enigmatic garden lodge covered in religious symbols. Sir Thomas intended his garden and lodge to symbolise his devotion to the Catholic faith, but the full extent of Sir Thomas’s symbolic design remains unexplained to this day. 

One man’s creative impulse born of social and political upheaval, religious persecution, and personal faith will be revealed through a programme of restoration, recreation and reinterpretation. With new facilities at Lyveden Manor, visitors will be able to delve deeper into how and why Sir Thomas Tresham created the garden and lodge at Lyveden, and to explore the relevance of his story to our modern world.

Lyveden is a poignant and dramatic example of one man standing up for his beliefs in dangerous times, through an act of quiet and creative rebellion.

Tresham’s story is one of a private, yet public, expression of his own vision of identiry, belief and commitment, and how one man showed resistance in the face of persecution. His experience demonstrates how one man showed resistance in the face of persecution. As a Catholic in Protestant England, Tresham found his loyalty and status as a member of the English gentry called into question. The hardening of Elizabeth’s stance towards religious conformity in the 1580s as the threat of Catholic invasion increased at home and abroad imposed legal restrictions on the practise of Catholicism in England. In the 1580s, Tresham made the decision to assert his faith and religious identity and, as a result, found himself subject to legal questioning, imprisonment and heavy fines.

During his time under house arrest, and imprisonment, Thomas Tresham came up with the designs for Lyveden; a journey of discovery and a contemplative walk from his manor house hidden at the bottom of the hill up through an elaborately designed water garden to the garden lodge above.

 

Lyveden New Bield Lyveden Northamptonshire in focus
Lyveden New Bield Lyveden Northamptonshire in focus

Lyveden is one of the most important, unspoilt and unique Elizabethan gardens in England. Sir Thomas Tresham designed and constructed Lyveden as a testament to his Catholic faith. Every element of Lyveden is designed to symbolically convey Tresham’s own spiritual journey as he struggled to reconcile his faith with the changing Elizabethan world. It’s a deeply personal story centred on Tresham’s individual belief, but it would also have been shared with others who suffered similarly, shared his thinking, and understood the meaning of the symbols.

Lyveden New Bield Lyveden Northamptonshire in focus Clouds
Lyveden New Bield Lyveden Northamptonshire in focus Clouds

 

Lyveden not only represents one man’s individual response to the world changing around him, but also a shared human response to change. The peace and tranquillity of this carefully, crafted landscape provides an opportunity for visitors to delve deeper into the mental world of Tresham, to explore the broader historical context of Lyveden, and to find resonance with their own modern lives.

Lyveden New Bield Lyveden Northamptonshire in focus Aerial
Lyveden New Bield Lyveden Northamptonshire in focus Aerial

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Stoke Bruerne Northamptonshire in Focus

Narrowboat Stoke Bruerne Northamptonshire

Stoke Bruerne Northamptonshire in Focus

The picturesque village on the Grand Union Canal

Lying just south of Northampton this beautiful canal village offers a wealth of interest to any boating enthusiast or any country lover. Two and three storey brick built cottages line the banks of this delightful stretch of the Grand Union Canal, whilst in the village itself, most of the properties are of a lovely, honey coloured, local stone.

There are pleasant canal side walks, and you can follow the towpath down the flight of seven locks. Trips along the canal are on offer providing the opportunity to explore picturesque waterbeds and river wildlife in a haze of tranquillity from the comfort of a narrow boat. The Boat Inn, welcoming canal side watering hole, has been in the same family since 1877 when it was a haven for the men and women working on barges trawling the Grand Union Canal. It extends the same warm welcome to today’s boaters.

The small Northamptonshire village of Stoke Bruerne is famous for its association with the Grand Union Canal, which runs peacefully right through the village. On the south bank of the canal is the Canal Museum (also known as the National Waterways Museum Stoke Bruerne).
The museum tells the story of life on the canal and the building of the Blisworth Tunnel, a short distance outside the village. A short signposted walk leads along the canal towpath to the Tunnel, where a section of the original tunnel support system is preserved to view.

If you fancy a longer walk, the Grand Union Canal Walk path leads along the canal in both directions.

You can take trips along the canal from the Boat Inn, situated directly opposite the museum, and watch boats going through the lock. There is a paid parking lot behind the museum, off Chapel Lane.

Exploring this lovely place is a great joy, there is so much to see and do. There are many other interesting market towns and villages in the area with the larger town of Northampton being just a short distance away.

 

Transport Trust Stoke Bruerne Northamptonshire
Transport Trust Stoke Bruerne Northamptonshire
Narrowboat in a lock Stoke Bruerne Northamptonshire
Narrowboat in a lock Stoke Bruerne Northamptonshire
Narrowboat Chimney Stoke Bruerne Northamptonshire
Narrowboat Chimney Stoke Bruerne Northamptonshire
Canal Tunnel Stoke Bruerne Northamptonshire
Canal Tunnel Stoke Bruerne Northamptonshire
Canal Sign Stoke Bruerne Northamptonshire
Canal Sign Stoke Bruerne Northamptonshire
Canal Lock Stoke Bruerne Northamptonshire
Canal Lock Stoke Bruerne Northamptonshire
Canal Cottage Stoke Bruerne Northamptonshire
Canal Cottage Stoke Bruerne Northamptonshire
Canal Bridge Stoke Bruerne Northamptonshire
Canal Bridge Stoke Bruerne Northamptonshire

Stoke Bruerne Canal Museum

Housed on two floors of a historic corn mill, the country’s first canal museum provides an overview of the history of Britain’s canals. It offers a fascinating insight into the rich waterway heritage of Stoke Bruerne, the Grand Union Canal and the people that lived and worked on them.

Stoke Bruerne Museum, housed in a restored cornmill, offers a fascinating insight into the life and times of over 200 years of inland waterway history. Displays cover the importance of canals to the industrial revolution, right up to the present day, when mostly these beautiful waterways are used for the sole purpose of leisure and pleasure..

Stoke Bruerne Brick Pits

This reserve is an old brickworks started after 1792 by the Grand Junction Canal Company to provide material for the canal locks, walls and the Blisworth tunnel. The demise of the brickworks has left a site of considerable variety, with a reed bed, rough and damp grassland, a number of ponds and the redundant side arm of the canal.

As well as a variety of plant life, the ponds provide an important habitat for invertebrates, and a number of dragonfly species occur on the reserve. White-legged damselflies have been recorded here, a species which has a very limited distribution in Northamptonshire.

The grassland provides cover for a range of small mammals, which also makes it an ideal feeding ground for barn owls.

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Brixworth Northamptonshire in Focus

Brixworth Northamptonshire in Focus

Brixworth Northamptonshire in Focus

A quick look at Brixworth

Portrait of a village

Brixworth is a large village, about 5 miles north of Northampton. It has a population of around 5,000 people and is surrounded by beautiful rolling countryside and located next to Pitsford Reservoir, (built in 1956) which is a beautiful place for families, walks and cycling.

The place-name ‘Brixworth’ is first attested in the Domesday Book of 1086, where it appears as Briclesworde. The name means ‘Beorhtel’s or Beorhthelm’s homestead or enclosure’.

A lengthy article about the history of the parish appears in the Victoria County History for Northamptonshire, volume 4, which was published in 1937. Its text can be consulted at British History Online.

All Saints church Brixworth Northamptonshire Bench All Saints church Brixworth Northamptonshire Church Brixworth Northamptonshire Cottage Brixworth Northamptonshire High Street Brixworth Northamptonshire Landscape Brixworth Northamptonshire

The main road from Northampton to Market Harborough passed through the village, where a number of inns served the needs of travellers for refreshment, lodging and a change of horses. The buildings of two present-day pubs in the village date back to the era of horse-drawn transport:

“The George Inn”
“The Coach and Horses”

In 1819 Sir Charles Knightley purchased land between Spratton Road and Kennel Terrace, where the Pytchley Hunt then erected kennels, providing a fresh source of local employment at a time of agricultural depression. The Hunt remained in the village until 1966, after which the site was developed for housing.

All Saints’ church is one of the oldest, largest and most complete Anglo-Saxon churches in the country. It was founded circa 680 AD and was called “the finest Romanesque church north of the Alps” by Sir Alfred Clapham.

The Northampton and Market Harborough railway through the parish was opened in 1859, passing 0.5 miles (800 m) west of the village. British Railways closed Brixworth railway station to passenger traffic in 1960 and closed the line to freight traffic in 1981. The trackbed of the former railway was reopened in 1993 as the Brampton Valley Way.

From the 1960s onwards, a large amount of new housing has been built at Brixworth, mainly on fields to the south of the original village. A by-pass on the east side has diverted traffic travelling between Northampton and Market Harborough away from the built-up area.

The Historic England website contains details of a total of 17 listed buildings in the parish of Brixworth, all of which are Grade II apart from All Saints’ Church, which is Grade I.They include:

All Saints’ Church, Church Street
Brixworth War Memorial, All Saints’ Churchyard
Coach and Horses Inn, Harborough Road
Cross, Church Street
Home Farmhouse, Church Street
Mint Cottage, Church Street
Steps Cottage, Silver Street
The Firs, Saneco Lane
George Inn, Northampton Road
The Granary, Church Street
The Grange, Kennel Terrace
The Lodge, Northampton Road
Manor House, Harborough Road
Old Vicarage, Church Street
Pound House, Northampton Road

 

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Planning approved for development in Milton Malsor Northampton

Milton Malsor Northampton

Planning approved for development in Milton Malsor Northampton

Planning say that 30 percent of the homes will be affordable housing

 

“The site is in a sustainable location based on its allocation for housing, and the connectivity of the site to existing and planned development would be enhanced as part of the scheme.”

Planning approved for development in Milton Malsor Northampton
Planning approved for development in Milton Malsor Northampton

The development is set to comprise of a mix of house types ranging from two-bed to five-bedroom properties, according to the applicant. Planning papers say that 30 percent of the homes will be earmarked as ‘affordable’ housing. A children’s play area will also be built on site.

The applicant said in planning papers: “The overall vision for the site is to provide a distinctive and high quality place, which complements the qualities and character of this area of Northampton.

“The site provides an excellent opportunity for a development which integrates well into the existing area.

“The site has no overriding environmental or physical constraints and provides the opportunity to establish a sustainable development which is both physically and visually well contained.”

The application mentions the local infrastructure already in place which includes Tesco Extra Mereway, Abbeyfield School, the M1, the railway station and much more.

A new access point for cars will also be created and parking would consist of shared private drives.  Located opposite the Crematorium, the site is breaking in to previously open land, which could pave the way for further development between Milton Malsor and Hunsbury.

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Executive Homes in Northampton

Executive Homes in Northampton

Executive Homes in Northampton

How to find a luxury property

 

Many of the finest properties are not the easiest to find, as an increasing number of these properties are listed ‘off-market’ but what does this mean and why do so many sellers prefer this?

  • Off-market listings are properties that are for sale but aren’t listed on property portals, or indeed anywhere online.
  • Some sellers desire an off-market listing to test the waters, maintain privacy, save on commissions, or create a sense of exclusivity that could result in a higher selling price.
  • For buyers, off-market listings provide access to additional inventory, an opportunity to save if the commission is lower, and the opportunity to avoid competition for property in a desirable area.
  • Off-market sales involving only one agent can sometimes provide very little wiggle room for buyers looking to negotiate a price.
  • To get access to these listings, buyers can approach agents directly.
  • Sellers of luxury homes also choose this method because they are concerned about security. When a property is listed online, with lots of interior photos, it can often become a target for thieves.

The first steps is obviously to contact estate agents who deal with luxury property. Mainstream estate agents do have the occasional executive home, but in general, sellers of these types of homes, will go to an agent who sells similar property first. There are of course estate agents who deal exclusively with off-market property, such as Discreet Property Sales, none of their listings appear anywhere, so sellers wishing to sell discreetly may very well contact them first.

Here are some suggestions that you may wish to try:

Northamptonshire Luxury Homes

Discreet Property Sales

Trellows Estate Agents

Off Market Estate Agents

As these agents do specialise in selling discreetly, they may well be worth checking out first.

Another method is to commission an Estate Agent to source a property for you. This may involve a fee, as it is very time consuming and the agent would need to know that you were serious, before they spend hours and hours prospecting on your behalf.

We at Northamptonshire Luxury Homes offer a ‘Seek & Secure’ service. There is no upfront cost for this, but in order to tempt potential sellers to consider selling, this sale is done with a ‘buy side fee’ What this means is that the agent can then tempt potential buyers with an offer of a commission free sale, which means that the buyer pays the fee. This is a very effective way to entice sellers to proceed and as there will not be any other buyers bidding against you, the fee is normally less than you would have to pay to match a higher offer, which can actually save you a lot of money.

If you are looking for an executive home in Northamptonshire, feel free to get in touch using the Contact Form below.

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Misleading property listings in Northamptonshire

Misleading property listings in Northamptonshire

Misleading property listings in Northamptonshire

How to avoid being misled

 

There is nothing more unethical than a misleading property listing, this is not the norm, the vast majority of Estate Agents are very ethical and would never intentionally mislead the public, but it does happen. It is a sad fact, that most people spend more time looking at their next car, than their next home, with that in mind, if we add a misleading listing in to the mix, an agent exploiting an active property environment to rush prospective buyers, it is easy to see that this could be a recipe for disaster.

The Guidance for the UK

The Consumer Protection from Unfair Trading Regulations 2008 (known as the CPRs) are the Regulations that control descriptions used by estate agents and letting agents. They create criminal offences for traders that breach them. The Regulations prohibit ‘misleading actions’ and ‘misleading omissions’ that cause, or are likely to cause, the average consumer to take a transactional decision they would not have taken otherwise.

Care should be taken when using general descriptions relating to location, environment, photographs, measurements, parking and pricing. General disclaimers in small print, telling buyers not to rely on details, won’t be effective in preventing offences. This also applies to information provided on your website.

 

The law

The CPRs prohibit misleading actions that cause, or are likely to cause, the average consumer to take a transactional decision they would not have taken otherwise. The definition of a ‘misleading action’ is very detailed (regulation 5 of the CPRs) but it essentially means providing false information or giving an overall presentation that deceives or is likely to deceive the consumer, even if the information is factually correct.

The CPRs also prohibit the omission of material information provided to consumers if that omission could cause the consumer to take a transactional decision they would not have taken otherwise. ‘Material information’ is defined as “information which the average consumer needs, according to the context, to take an informed transactional decision”. A ‘transactional decision’ is not just whether a consumer decides to purchase a property, but could include such things as whether to view a property in the first place.

The National Trading Standards Estate and Letting Agency Team (NTSELAT) has issued guidance on what information is considered to be ‘material’ and should be included on the UK’s major property listing portals from May 2022; there are plans for further requirements to come into operation in due course. Failure to include the specified information will be flagged on the listing and will link to advice for consumers on why that information is important and how it may be obtained. For full details regarding the information to be disclosed see Improving the Disclosure of Material information in Property Listings.

Things you say verbally about the property will be covered, as well as the printed word, photos, plans, models, websites, etc.

The CPRs do not prevent you from acting in vendors’ interests by presenting a property in the best light, as long as what you say, or do, does not mislead the purchaser or the vendor.

See ‘Consumer protection from unfair trading’ for further information on the CPRs.

The CPRs only cover descriptions used in the sale of property to consumers. However, similar provisions exist in the sale of commercial property by way of the Business Protection from Misleading Marketing Regulations 2008 (see ‘Business-to-business marketing’).

What are the most common offences?

  • failure to disclose existing disputes with neighbours;
  • suggesting that a property does not suffer from a flooding issue when it does;
  • inaccurately maintained that the property does not suffer from Japanese knotweed when it does;
  • stated that the boundaries are in one place or have not moved when in fact they are not or have been changed;
  • suggested that the property does not suffer from damp when it does;
  • explained something in relation to an existing tenant which is incorrect; and
  • stated that there are no planning or other proposals nearby which could have an effect on the property.

… the list goes on.

Granted, many of these may well be down to the seller, not the agent, but there are many instances that obvious misrepresentation is either pre-meditated or due to ignorance, but that is not an excuse.

It’s all well and good to fall back on the law, if you discover something that was withheld or misrepresented after you buy, but who really wants to start their life in a new home with litigation?

What can you do to minimise the risk?

Research any property that you may be interested in, before you view. There is a lot of information online, check the address, maps, the location, check out the neighbourhood at different times, on different days. If the property is in a location which suffers from a parking problem at certain times, the agent may not book viewings at those times, or if there is a problem neighbour nearby, who keeps everyone awake at the weekends, you may never know, the only way to be sure is to check this out in person.

Take notes when you view, even if it is a voice recording on your phone so that you can remember what to ask, then compile a list of questions for the agent and ask them by email, not on the phone, to ensure that you have the replies in writing.

Do not be afraid to ask the obvious questions before you proceed.

  • Is there, or has there been any evidence of Knotweed?
  • Have you had any problems with any of the neighbours?
  • Has the house ever been flooded?
  • Have you ever had any boundary disputes?
  • Etc.

The unscrupulous seller will hope that after you have committed to expensive survey fees, mortgage applications and legal fees, that you will either not become aware or not withdraw from the purchase, if anything comes to light, so save yourselves time and effort, as well as unnecessary costs and get the awkward questions out of the way first!

 

 

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Buying a Luxury Home in Northamptonshire

Buying a Luxury Home in Northamptonshire

Buying a Luxury Home in Northamptonshire

A guide to purchasing your dream home in Northamptonshire

Looking to buy a luxury home? If you are interested in living the posh life, you don’t have to look very far! There are many luxury homes for sale in Northamptonshire that could be just what you’re looking for. To learn more about the various neighbourhoods and luxury homes available, continue reading to find out everything you need to know before purchasing your new home in Northamptonshire.

 

The first place to look is Northamptonshire Luxury Homes, who are one of the foremost Luxury Estate Agents in Northampton. They specialise in discreet marketing and often have properties that are not available on the open market, or any of the property portals. Their team can offer advice about both buying and selling luxury homes in Northamptonshire. As a result they often provide their clients with an unrivalled level of service, as well as access to a broad range of luxury homes across Northampton and its surrounding areas.

Estate agents such as Northamptonshire Luxury Homes also have a great selection of luxury houses for sale within just about every area within central England including London. In addition they also provide an excellent range of other services such as surveyors, mortgage brokers etc. They too can be contacted via telephone or email and offer up-to-date details regarding luxury houses for sale around Britain, ensuring you don’t miss out on your dream home!

 

Luxury homes in the Northamptonshire area in the upper quartile normally start at around one million pounds, with some absolutely stunning examples available for as little as two million pounds. While these prices may seem high to most of us, there are many who would argue that a house is an investment – and it’s hard to deny that buying a luxury home in Northamptonshire could be seen as an investment. This is because luxury properties have been proven to increase significantly in value over time – if you were to buy a luxury home today and sell it ten years from now, you could very well make your money back plus substantial profit. If you’re looking to invest in real estate, luxury property might just be what you need.

 

In the first instance, it would be well worth registering with a Luxury Estate Agent, such as Northamptonshire Luxury Homes, with a detailed outline of your requirements and most importantly, your ability to purchase quickly, including proof of funds. The luxury market is highly competitive, so by getting your name out there early you can ensure that you are at the front of any potential new opportunities that may arise. The key is to act fast when something catches your eye; luxury properties don’t stay on sale for long!

 

Submitting an offer on a luxury home is no different to making an offer on any other property, you must demonstrate your ability to proceed with the purchase quickly and it would be worth providing proof of funds or the details of your mortgage adviser who can confirm you ability to get a mortgage, with your offer. It’s important to make sure that you use a solicitor when buying luxury homes as they will be able to check all of these things for you. Also make sure that your solicitor has experience dealing with luxury properties as there are often extra clauses which need to be added onto contracts for luxury homes.

 

Sales progression in the UK can be a slow process, but with everything in place and subject to no questions raised by the survey, which can take time, especially with Grade II listed property, it would be realistic to expect a completion time of eight to ten weeks. This means that you could move into your new home in October or November. However, if there are any issues with surveys or planning permission then you will have to wait until they are resolved before you can move forward. In addition, if there is anything that needs doing on site prior to completion then you may have some additional delays. If all goes smoothly though, you should be able to move into your new home within a few weeks.

 

If you would like a free market appraisal and wish to know more about our unique discreet marketing, contact Northamptonshire Luxury Homes via the contact form below.
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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.