How long would it take to buy a home in your region?

 

The housing affordability data across the UK provides an insightful snapshot of how long it would take to buy a home in different regions based on average salaries:

 

• North East: 4.97 years
• Scotland: 5.41 years
• Yorkshire & Humberside: 6.26 years
• Northern Ireland: 6.30 years
• North West: 6.39 years
• West Midlands: 6.41 years
• Wales: 6.52 years
• East Midlands: 7.47 years
• South West: 9.20 years
• East Anglia: 9.43 years
• South East: 10.01 years
• London: 11.45 years

 

These figures paint a picture of housing affordability across the country, providing a valuable context for Northampton homeowners and potential buyers. It’s clear that property prices differ significantly depending on where you are, but for those in the local Northampton market, understanding these affordability comparisons helps to shape expectations around property values and potential future trends.

While affordability may seem daunting in certain parts of the country, it's important to remember that today’s mortgage payments, as a percentage of take-home pay, are only slightly above the long-term average. 

Despite rising property prices, the affordability landscape is far more balanced than it may appear, especially when considering historical interest rates. 

This balance ensures that homeownership remains an achievable goal for many, even in more challenging market conditions. Keeping a finger on the pulse of national trends can help to inform decisions locally, offering a broader perspective on housing affordability.

If you have any questions about the Northampton property market, feel free to pick up the phone on 01604 801 962.

Shocking Truth: Every UK Home Could Fit Inside the M25

 

Imagine this—if every single floor of every single home in the UK was laid out, one next to the other, they would all fit snugly within the confines of the M25 motorway. Yes, you read that right! 

The total floor area of all UK homes is about 891 square miles, and the M25, the infamous ring road encircling London, covers an area of 904 square miles.

The M25 has long been a symbol of Britain's complex relationship with its infrastructure and property market. Loved by some for its practicality and loathed by others for its traffic jams and pollution, the M25 mirrors the contradictions inherent in the British property market.  

For many, owning a home is the pinnacle of success, yet the stress of mortgages, house prices, and the unpredictable market makes it a love-hate affair. So, the next time you find yourself stuck in traffic on the M25, consider this: every home in the country, from Cornwall to the Highlands, Norfolk to Northern Island could be right there with you.

People of Northampton, does that surprise you? What does it say about the space—or lack thereof—in our island nation?

This startling fact is both a testament to our densely populated land and a reminder of the complexities that come with it. 

Please share your thoughts in the comments

Northampton Property Market Review: The October 2024 Update

 

Northampton homeowner or landlord? Curious about the trends in the Northampton’s property market? One measure is the average price paid for homes bought and sold in Northampton in the last 12 months, on a rolling month by month basis. 

Each month I like to share this figure, and whilst this figure alone will not tell you much, its trend will. My followers on social media know I write regular articles on the Northampton property market. It is in those articles I expand and clarify what these monthly figures mean to you.

Whether you are contemplating selling your property or simply interested in understanding its current market value, I’m here to help. I provide detailed, no-obligation free valuations, designed to guide your future property related decisions.

Keep yourself informed and a step ahead in understanding the true worth of your property in Northampton. For a hassle-free, comprehensive market evaluation of your home, contact us at 01604 801 962. Let's explore the potential of your Northampton property together.

56 days to sell a home in Northampton

 

In the bustling property market of Northampton, the average time to sell a property with every Estate Agent currently stands at 56 days. 

This is below the national average of 73 days.

Interestingly, the national length of time to sell one’s property a year ago was 58 days a year. The national increase in the time it takes to sell a property reflects broader changes in UK market dynamics, possibly influenced by economic factors and buyer behaviour.

For homeowners in Northampton, understanding these trends is crucial. Homeowners across the UK, including those in Northampton, should consider these factors when pricing their homes to ensure they remain attractive to potential buyers.

As a knowledgeable estate agent based in Northampton, I am well equipped to help sellers navigate these changing conditions. By aligning selling strategies with current market realities and pricing properties competitively, sellers can increase their chances of achieving a successful sale within an optimal timeframe. If you're looking to sell your Northampton property and want expert advice tailored to these market conditions, feel free to reach out for a comprehensive discussion and free valuation.

 

 

 

1 in 7.7 Northampton Home Sellers Lower Their Asking Price Every Month

 

As the property landscape in Northampton continues to evolve, many homeowners who have been on the market for a while find themselves navigating the complex decision of when and how much to reduce their asking prices to attract buyers.

With an increasing number of properties on the market in the Northampton area, rising from 2,040 in August 2022 to 2,851 in August 2024, the competition is becoming fiercer, making strategic price adjustments more crucial than ever.

(Northampton – NN1 to NN7).

 

Mastering Property Portal Price Bands for Optimal Exposure

Understanding and utilising price bands on the portals (Rightmove, Zoopla and OnTheMarket) can significantly enhance the visibility of your property listing. These bands are predefined price ranges that buyers often use to filter their search results. Positioning your property’s asking price in one of these bands will strategically draw more views, and thus more interest, viewings and ultimately increase the chances of achieving a sale. For instance, pricing a property on a significant threshold, such as setting an asking price at £300,000 instead of £299,950, places the property in a search of £280,000 to £300,000 and £300,000 to £325,000, potentially attracting a broader audience.

 

The Importance of Rightmove Alerts

A critical factor in the timing of price reductions is their impact on buyer visibility. Homeowners need to reduce their asking price by at least 2% to ensure their property reappears in Rightmove’s email alerts, OnTheMarket it’s also 2%, while for Zoopla it is 3%, capturing the attention of active buyers.

 

Current State of Play in the Northampton Property Market

Several Northampton home movers have said to me recently that they believe there are a greater number of price reductions happening at the moment, compared to a couple of years ago.

As I explained in the initial part of the article, the number of properties for sale has substantially grown in the last couple of years in the Northampton area. If there are a greater number of properties for sale, I would expect a great number of price reductions.

 

In 2022, there were an average of 247 price reductions a month in the Northampton area, today it’s 423 per month. The average Northampton price reduction in the last 3 months was 4.8%.

 

So, the statistics for the Northampton area reveal that while the number of properties for sale is on the rise, the number of reductions has increased. In fact, the percentage of Northampton properties undergoing price reductions has remained roughly consistent in recent years, with an average of 1 in 7.7 Northampton homes (13%) reducing their asking price each month over the last five and a half years.

This trend underscores the importance of setting a realistic price from the outset to stand out in a crowded market.

·       An average of 13.2% of the 2,862 Northampton properties on the market in 2019 reduced their asking prices per month. 

·       An average of 11.5% of the 2,665 Northampton properties on the market in 2020 reduced their asking prices per month. 

·       An average of 10.1% of the 1,899 Northampton properties on the market in 2021 reduced their asking prices per month. 

·       An average of 12.5% of the 1,921 Northampton properties on the market in 2022 reduced their asking prices per month. 

·       An average of 16.2% of the 2,623 Northampton properties on the market in 2023 reduced their asking prices per month.

·       An average of 15.3% of the 2,757 Northampton properties on the market so far in 2024 have reduced their asking prices per month.

The Ideal Pricing Strategy for Northampton Homes

The initial pricing strategy plays a pivotal role in the speed and success of your property sale. Northampton properties priced too high at the onset tend to linger on the market, eventually requiring more significant reductions to generate interest. In contrast, Northampton homes priced realistically from the beginning are more likely to attract offers quickly, reducing the need for substantial price cuts.

For Northampton homeowners considering a higher initial asking price, it’s advisable to be prepared to make an adjustment swiftly. A reduction within the first 2 to 4 weeks can prevent your property from stagnating on the market, whereas waiting 2 to 4 months might diminish your chances of securing a prompt sale.

 

Six Things to Consider for a Price Reduction

1. A Lack of Viewings: If you haven’t received many viewings in the initial few weeks, then look at your photographs and details on the portals and compare them with other properties in your price range. If they are up to standard, then it may be time to reconsider pricing and time to talk to your agent in more detail to attract more viewings.

2. Viewings But No Offers: The UK property market ‘viewings to offers ratio’ is between eight to ten viewings per offer. If your property hasn't received any offers within the first 30 days, yet you have had lots of viewings, that could suggest the price is a sticking point. You could ask why they don’t make an offer, yet research has shown many people don’t want to make an offer that they perceive could offend i.e., a lot lower than the asking price. Therefore, it could be time to consider a reduction and bring your asking price closer to your bottom line.

3. Low Offers: Homebuyers often make low offers for a variety of reasons, primarily to secure the best possible deal. One key factor is market conditions; in a buyer's market, where there are more homes available than there are buyers, purchasers feel they have more negotiating power. Another reason is property condition - if a home requires repairs or renovations, buyers may offer less to compensate for the additional investment needed. Sometimes, buyers also make lower offers based on their own budget constraints, hoping to enter a negotiation where they can find a middle ground. Additionally, uncertainty about the future Northampton property market may lead them to make more cautious, conservative offers. If you are getting low offers, it’s always smart to remember that a home is worth what someone's willing to pay.  Not what you think it's worth. Not what the estate agent says it's worth but what a buyer is prepared to pay.

4. Market Saturation: Look at the number of Northampton homes that are on the market like yours (e.g., if you have a 2-bed apartment, look at all the 2-bed apartments on the market and sold stc). Look objectively at your home, do you stand out from your competition? Those that are sold stc should have a greater influence on your decision than those on the market. Also, ask your friends to do the same. Ask them to be 100% honest with you. Adjusting your price to become more competitive could help.

5. Seasonal Adjustments: Be mindful of the seasonal trends in the Northampton property market. Periods of high market activity might require different strategies from the slower months of say November and December.

6. Feedback from Viewings: Consistent feedback regarding the asking price of your Northampton home during viewings is a clear indicator that adjustments are necessary.

 

Leveraging Expert Advice

Given the complexities of the Northampton property market, seeking a second opinion from an expert such as ourselves can provide you with insights tailored to your specific situation. It's essential to choose a consultant who will offer honest advice, possibly telling you what you need to hear rather than what you want to hear.

Are you currently on the market in Northampton and contemplating a price reduction? Or perhaps you're seeking to list your property soon? For a no-obligation consultation and a fresh perspective on your property strategy, feel free to contact me. Together, we can ensure that your home is positioned effectively to attract buyers and achieve a successful sale.

 

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Insights into property market over the last 5 years

 

Since the 1st of January 2019, 9.1 million homes have come onto the UK property market.

I at Belvoir Northampton wanted to look at the breakdown of the distribution of property types within that figure. 

Most of these homes, 66% of these were houses. Flats made up around 20%, and bungalows accounted for 8%, reflecting the diverse nature of housing stock available across the country. 

The remaining 6% includes various other types of properties, such as retirement homes, mixed-use residential and commercial properties, HMO’s and mobile homes etc. 

This data highlights the ongoing prominence of houses in the market, but also shows a significant portion of flats and bungalows, which cater to different buyer preferences and lifestyle needs.

For those interested in the property market, these figures offer a clear picture of the types of homes entering the market in recent years and provide useful insights for estate agents, investors, and potential buyers alike. 

If you would like more information on the Northampton, regional and UK property markets, then please do follow us on social media, where we regularly post useful information on all three property markets.

 

 

 

What was September's Average £ per Square foot?

 

Welcome back to news of Northampton’s property market, where each week I bring you different local property market stats and trends. This week I am back again with the September’s £/sq.ft statistics.

The average property presently in Northampton is on the market for £257 per square foot, a figure representing the current heartbeat of Northampton’s property market.

In August it was £278 per square foot.

That doesn’t mean Northampton house prices have changed by that percentage, just the mix of properties for sale, thus changing the £/sq.ft figure. This snapshot is crucial for Northampton homeowners and landlords; it's not just a number but a story of our community's property market.

Each month, I will revisit that figure and use it to gauge the health of our local property market.

Are you keen to know how your home aligns with these trends?

At Belvoir Northampton, I invite you to a no obligation chat about your property's potential value – no strings attached.

Stay informed, stay ahead, and stay connected with Northampton’s property market beat.

20,660 Northampton Homeowners Fallen Foul of Estate Agents ‘Overvaluing’ in Last 5 Years

 

If you’ve ever considered selling your Northampton home, you may have felt the temptation to list it at a higher price, hoping for a bigger payday. After all, who wouldn’t want to maximise the return on their largest tax-free investment?

However, this approach has a downside that many Northampton homeowners - and even some estate agents- overlook: the risks and costs associated with overpricing/overvaluing your property. Recent data shows that homes priced too high take much longer to sell and are far less likely to complete the sale successfully. Let's dive into why correct pricing is essential to ensure a smooth and profitable sale for your Northampton property.

Overpricing: A Common Pitfall in Northampton’s Property Market

In recent years, the Northampton property market has seen a surge in home prices, leading to fierce competition among estate agents. During the peak of the market in 2021, many Northampton agents achieved top prices for properties, often receiving multiple offers in a matter of days. It became the norm for a Northampton home to sell quickly and for prices that exceeded expectations.

However, this boom came with unintended consequences. As fewer Northampton homes came onto the market, some agents became desperate to secure listings. To win over potential sellers, many estate agents started overpricing properties (or, sometimes described as, overvaluing), offering inflated appraisals that gave homeowners unrealistic expectations. While this might sound like a winning strategy to get more money for your home, it has caused significant distress and delays for many Northampton homeowners.

The Impact of Overvaluing: Longer Sale Times and Increased Risk

So, why are so many properties in Northampton still on the market after all this time? It often boils down to one thing: overvaluing. When a property is priced too high, it doesn’t attract serious buyers. Instead, it sits on the market for an extended period, leading to frustration for both the homeowner and the estate agent. Ultimately, it gets withdrawn from the market unsold.

So, let us look at the over-valuing statistics for Northampton since 2019.

Northampton – NN1-NN7:

·       In 2019, 50.3% of the 9,829 properties that left Northampton estate agent books, exchanged and completed.  The remaining 4,881 (or 49.7%) Northampton homeowners came off the market unsold.    

·       In 2020, 66.3% of the 8,004 properties that left Northampton estate agent books, exchanged and completed.  The remaining 3,611 (or 45.1%) Northampton homeowners came off the market unsold.   

·       In 2021, 66.3% of the 8,380 properties that left Northampton estate agent books, exchanged and completed.  The remaining 2,820 (or 33.7%) Northampton homeowners came off the market unsold.    

·       In 2022, 63.9% of the 8,101 properties that left Northampton estate agent books, exchanged and completed.  The remaining 2,928 (or 36.1%) Northampton homeowners came off the market unsold.    

·       In 2023, 50.5% of the 7,849 properties that left Northampton estate agent books, exchanged and completed.  The remaining 3,886 (or 49.5%) Northampton homeowners came off the market unsold.    

·       In 2024 (YTD), 52.1% of the 5,294 properties that left Northampton estate agent books, exchanged and completed.  The remaining 2,534 (or 47.9%) Northampton homeowners came off the market unsold.   

Since 2019, 20,660 Northampton homeowners who placed their property on the market have withdrawn their homes unsold, many because of overvaluing.

The Hard Data on Overvaluing

If the evidence isn’t enough to convince you, let’s look at more data.

Now, you could reduce your asking price after three or four months to make your home more realistic. That is certainly an option, yet because homes that sit on the market for too long often develop a negative reputation, potential buyers wonder why the property hasn't sold and may assume something is wrong with it.

As a result, even when the price is eventually lowered, as reported a few years ago, the property is likely to sell for less than it would have if it had been priced correctly from the beginning.

Also, let me remind you of the recent independent research from TwentyEa and Denton House Research, that a UK home that takes over 100 days to sell (i.e. more than 100 days between coming on the market and agreeing a sale) has only just over a 1 in 2 chance (56%) of successfully exchanging and completing the sale. The remaining 44% of sales fall through.

In contrast, if a property has its sale agreed in under 25 days, the chances of exchanging and completing rise to 19 out of 20 (94%). That’s a significant difference! If this isn’t a clear sign that overvaluing is causing harm to homeowners, which creates a lot of wasted time, stress, and disappointment for homeowners, I don't know what it is.

Why Do Some Northampton Estate Agents Overvalue?

Many homeowners wonder why estate agents overvalue a property if it ultimately harms the chances of a successful sale and the agent getting paid. The answer lies in the competitive nature of the industry. Some agents, especially those working for larger estate agency firms, are under pressure to secure as many listings as possible. This pressure can lead to overvaluing, as agents sometimes even receive commissions for getting a property onto the market, regardless of whether it sells.

These Northampton agents appeal to a homeowner's desire to get the highest possible price by offering an inflated valuation. However, once the property is listed, they often encourage gradual price reductions over time, hoping to eventually make the sale. Unfortunately, this delay can cause the homeowner to miss out on their dream home or sell for less than they would have if they had listed it at a fair price from the start.

The Importance of Correct Pricing Your Northampton Home

So, what can you do to avoid falling into the overvaluing trap? The key is to ensure your Northampton home is priced correctly from the outset. Here are a few tips to help you achieve that:

1. Get Multiple Valuations: Don't rely on one Northampton agent’s opinion. Ask several Northampton estate agents to value your home and compare their suggestions. Be wary of any agent who offers a significantly higher valuation than the others without solid evidence to back it up. Trust is key in this process, so make sure you're working with agents you can rely on.
2. Research Comparable Sales: Look at similar properties in your area that have recently sold. Sites like Rightmove, Zoopla, and OnTheMarket allow you to search for homes under offer or sold subject to contract, giving you a better sense of realistic pricing.
3. Understand the Market Conditions: The property market is constantly changing. While prices may have skyrocketed in 2021, the market has since cooled off. Make sure your valuation reflects current conditions, not the highs of the past.
4. Work with a Trustworthy Agent: Choose an estate agent with a reputation for honest and accurate valuations. A good agent will prioritise finding the best buyer for your home at the right price rather than inflating the value to win your business.

Final Thoughts

Overvaluing might seem tempting, but the risks far outweigh the potential rewards. Not only does it result in longer sale times, but it also decreases the likelihood of a successful completion. By pricing your Northampton home accurately from the start, you can increase your chances of getting a decent price and a smooth and profitable sale.

Remember, the goal isn’t just to sell your Northampton home - it’s to sell it for the best price, within the best time frame, to a serious and motivated buyer. By working with an experienced and honest estate agent, you can avoid the pitfalls of overvaluing and achieve the successful sale you deserve.

If you have any questions or would like more advice on selling your Northampton home, feel free to contact us. We're here to help!

 

Which UK regions have the most private Rentals?

 

The latest Census data reveals the percentage of homes that are privately rented across various UK regions, providing insight into the distribution of private rental housing. Below is a list of each region by the percentage of homes privately rented:

 

• London: 30.0%
• South West: 19.7%
• Yorkshire & Humber: 19.4%
• North West: 19.2%
• South East: 19.2%
• East Midlands: 18.7%
• East Anglia: 18.2%
• West Midlands: 17.9%
• Northern Ireland: 17.2%
• North East: 17.2%
• Wales: 17.0%
• Scotland: 12.4%

 

London continues to lead with the highest percentage of privately rented homes at 30%, indicating the strength of the rental market in the capital. The South West, Yorkshire & Humber, the South East and the North West are above the national average of 19%, reflecting regional demand and supply, together highlighting any investment opportunities for landlords seeking to expand their portfolios?

It’s clear that private renting remains a significant part of the housing market across the UK, with regional variations influenced by national economic factors, property values, and local market conditions.  

If you're a Northampton landlord or considering becoming one, it’s vital to understand these national and local trends and what they mean for long-term profitability. 

Demand for Northampton rental properties remain robust, making this a favourable time to explore opportunities.

If you're looking for advice or further insight into the market, please read my weekly updates on the Northampton property market or feel free to reach out on 01604 809 917.

Whether you're an experienced Northampton landlord or exploring new investment opportunities, I am here to help you make informed decisions.