Northampton has become an attractive destination
for both families to buy and rent and is known for its rich heritage and
strategic location.
In
this article, I will delve into the current housing situation of family homes
in Northampton, compare them with national averages, and then explore
opportunities for home buyers and landlords.
My
goal is to provide valuable insights for anyone interested in the Northampton
property market, especially those focused on family living and find out if we
have enough homes for families in Northampton, especially in the private rented
sector.
Total Number of Northampton Family
Homes by Tenure
Looking
at the latest data for our local authority, West Northamptonshire has a total
of 93,317 homes with families in them. The definition of a family home is a
home with dependent children up to the age of 18. They are distributed across the
various tenure types of owned outright, owned with a mortgage, socially (council
& housing association) rented, and privately rented properties.
Here’s
a detailed breakdown of those 93,317 family homes:
·
Owned outright: 6,069 West
Northamptonshire homes (6.50%)
·
Owned with mortgage: 48,618 West
Northamptonshire homes (52.10%)
·
Social rented: 18,436 West
Northamptonshire homes (19.76%)
·
Privately rented: 20,194 West
Northamptonshire homes (21.64%)
When
we compare these figures to the national averages from 2021, we can see how West
Northamptonshire aligns with or deviates from broader national trends.
Nationally,
the percentage of family homes are broken down as follows:
·
Owned
outright stands at 8.42%
·
Homes
owned with a mortgage at 48.1%
·
Socially
rented homes at 20.93%
·
Privately
rented homes at 22.55%
These
comparisons help us understand how well Northampton’s housing market (inclusive
of the whole of the local authority housing) serves families, providing a
unique perspective for both residents and investors.
Understanding
these figures is crucial for local government, service providers, homeowners
and prospective buyers alike. For families looking to settle in Northampton,
the high percentage of homes owned with a mortgage indicates a vibrant property
market where families are buying homes and settling down.
The
decent number of socially rented homes also suggests robust support for
families in need of affordable housing, ensuring that Northampton and the
surrounding area remains inclusive and supportive of all family types.
Breakdown of Northampton Family
Homes by Bedrooms
Next,
I want to look at the distribution of the family homes in West Northamptonshire
by the number of bedrooms. Families by their very nature need more bedrooms,
meaning this breakdown provides a clearer picture of the housing stock.
So,
of the 93,317 family homes in our local authority area, they are split down as
follows:
·
8.89% of West Northamptonshire
homes occupied by families have 1 bedroom
·
16.82% of West Northamptonshire
homes occupied by families have 2 bedrooms
·
43.15% of West Northamptonshire
homes occupied by families have 3 bedrooms
·
31.14% of West Northamptonshire
homes occupied by families have 4+ bedrooms
Comparing
these percentages with the national averages, we find that
·
3.1% of UK family homes have 1
bedroom
·
17.35% of UK family homes have 2
bedrooms
·
46.67% of UK family homes have 3
bedrooms
·
32.88% of UK family homes have
4+ bedrooms
This
comparison highlights how Northampton’s (including the local authority’s) housing
stock differs in terms of size distribution. Again, offering a unique
perspective for prospective buyers and investors.
Families
in Northampton can take pride in the fact that a significant portion of the
housing stock consists of larger homes, which can be a strong selling point for
those looking to settle in the area. However, the relatively low percentage of
smaller family homes might indicate a potential demand for more compact living
spaces, especially for smaller families or those just starting out. Ensuring
that there is a diverse range of housing options is key to accommodating the
varying needs of families at different stages.
Northampton Rental Properties
Breakdown by Bedrooms
For
landlords, understanding the rental market’s composition is crucial,
particularly when it comes to family homes. In West Northamptonshire, rental family
properties are distributed as follows:
·
2.39% of West Northamptonshire rental homes
occupied by families have 1 bedroom
·
28.57% of West Northamptonshire rental homes
occupied by families have 2 bedrooms
·
51.75% of West Northamptonshire rental homes
occupied by families have 3 bedrooms
·
17.29% of West Northamptonshire rental homes
occupied by families have 4+ bedrooms
In
comparison nationally:
·
2.58% of UK homes occupied by
families have 1 bedroom
·
27.85% of UK homes occupied by
families have 2 bedrooms
·
51.34% of UK homes occupied by
families have 3 bedrooms
·
18.23% of UK homes occupied by
families have 4+ bedrooms
For
families renting in Northampton, the good level of 3-bedroom rentals is
beneficial, providing ample space for children and family activities. However,
the lower availability of 4+ bedroom rentals could be a concern for larger
families needing more space. This gap in the market highlights an opportunity
for landlords to invest in larger rental properties, potentially attracting
long-term, stable tenants.
Opportunities for Northampton Landlords
The
Northampton rental market for families shows a notable skew towards smaller to
medium sized properties, with a significant number of 3-bedroom rentals. This
indicates a robust demand for those types of homes. However, the relatively
lower supply of larger rental homes (with more bedrooms) presents an intriguing
opportunity for landlords looking to invest in properties.
Whilst
smaller properties tend to offer higher yields, making them attractive for
landlords seeking immediate rental income. Conversely, larger properties often
appreciate more significantly than their smaller counterparts, providing better
long-term capital growth potential. The choice between investing in smaller
versus larger properties depends on whether a landlord prioritises rental yield
or capital growth.
Investing
in family-orientated rental properties can also ensure stable, long-term
tenancies. Families are more likely to settle down for longer periods, reducing
tenant turnover and associated costs. Landlords who offer family-friendly
amenities, such as proximity to good schools, parks, and other community
facilities, can attract and retain tenants more effectively.
Final Thoughts
For
both homeowners and landlords, understanding the composition of Northampton’s
housing market is key to making informed decisions. Families can gauge how their
property fits into the local market landscape, while landlords can identify
lucrative investment opportunities in family homes.
With
Northampton’s unique housing distribution and potential gaps in the rental
market, it stands out as an interesting location for property investment. As an
agent with extensive knowledge of the Northampton market, I am here to help you
navigate these opportunities and make the most of your property investments.
Whether
you are a family curious about the local market or a landlord seeking the next
best investment, Northampton offers diverse possibilities. Reach out today to
learn more about how you can leverage these insights to your advantage.
