Northampton is where you want to be when looking for the best-priced property. This town in the East Midlands has become a property hotspot given the increasing population and the high rental demand. The average property price of £280,453 and the rising rental market in the region make this place an investment hotspot.
The changing house prices in Northamptonshire
If you are planning to buy property in the UK, Northampton is probably a place you want to consider. The house prices in nearly half of Northamptonshire have been on the rise faster for the last 12 months since the government split.
You should always consult licensed Northamptonshire conveyancing solicitor services before making a deal because they will help you get a better price on your property and also speed up the conveyancing process.
Recent data shows that the house prices in the West of Northamptonshire increased by at least 0.6% in December 2021, by 1.9% in the North Northants.
Most of the property sales in Northamptonshire for the last year were terraced properties at a price of £223,816. According to Rightmove, a property expert in the UK, there are different properties you can buy in Northampton. The property price is spread according to different properties as follows:
– Detached: £437,031
– Semi-detached: £270,549
– Terraced: £233,816
– Flats: £138,595
According to Zoopla, terraced properties are the most sold property. Flats are the most affordable property you can invest in if you are looking forward to climbing the property ladder. Over the 12 months, the sold prices in Northamptonshire have risen by at least 15% up the 2018 peak of £244,114.
In September 2022, the property prices in Northampton were at least 4.0%compared to the previous year. According to Redfin, the average sale time for property in the market is 30 days compared with last year, which was 23 days.
Most of the homes listed sell for 5% above the list price and go pending for around 22 days. This means the property market in Northampton is one of the most competitive in the UK. Most of the homes in this town gets multiple offers with waived contingencies.
Why invest in Northampton property?
Northampton has grown from the small market town to the big city it is today. Currently, the town has a population of 215 000 and a thriving economy. There are many reasons why you should consider buying property in this town.
Stable job market
Northampton is one of the leading manufacturing towns in the UK. It has a stable shoemaking and engineering industry. The town is popular with the top shoe brands in the UK. Other lucrative sectors in the city include drink, food, tech, manufacturing, and services.
Northampton’s thriving industries include Blacks Leisure Group, Carlsberg UK, and Avon Cosmetics. These companies provide job opportunities to the young professionals in the town.
Another reason you should consider investing in rental property in Northampton is the growing economy here. The stable economy employs the working population creating a more buoyant property market. Recent research has placed Northampton among the five top places with the fastest economic growth in the UK.
The transport links in Northampton make this town one of the places you should invest in property. The M1 is closer to this town, and the junctions 15 and A45 are strategically positioned.
You can access the town by road, air, and train; It takes less than an hour to move from Northampton to the capital by train. The great transport links make Northampton a favorable location to live for London commuters.
Northampton is the place you should be if you want to climb the property ladder. The buoyant property market here offers you immense opportunities to invest for the future.
When buying property in Northampton, you should contact a property solicitor to help you with the conveyancing. This will save you the hassle of going through the legal process alone.