The number of agreed UK property sales until Saturday,
22nd November 2024, is 18% higher than a year ago.
Breaking those stats down even further, as of
22nd November 2024, 1,009,340 UK homes had been sold subject to contract (STC),
an 18% increase from the 855,083 homes sold STC in the same period of 2023. The
average UK selling price has risen significantly, reaching £362,017 in 2024,
compared to £326,125 in 2023 (a rise of 11%).
That doesn't mean UK house prices have risen 11%;
more higher-valued properties have sold in 2024 than in 2023. The £ per square
foot is a better judge of house price changes. The pound per square foot has
risen only by 2.7% over the last year, climbing from £331 to £340 (which is in
line with the major house price indicators).
Every UK region saw an increase in the number of
properties selling (STC) in 2024 compared to 2023 in that January to November
window:
- East
Anglia: Up 22.2% (highest growth in the UK)
- East
Midlands: Up 21.5%
- South
East: Up 19.6%
- North
West: Up 18.5%
- London:
Up 18.3%
- West
Midlands: Up 18.2%
- Yorkshire
& Humber: Up 17.6%
- North
East: Up 15.7%
- South
West: Up 15.6%
- Wales:
Up 14.6%
- Scotland:
Up 12.9%
- Northern
Ireland: Up 12%
Whilst we have had increased properties sold STC,
the supply of UK properties on the market is very similar to last year, (643,327 for
sale in November 2024 versus 630,307 for sale in November 2023).
Buyers Have the
Advantage, but Challenges Remain
The current
market presents opportunities for Northampton home buyers but also lingering
challenges. While mortgage rates are improving, they are still higher than many
prefer. However, affordability is reasonable, with some banks and building
societies offering rates below 4% for those with larger deposits.
Buyers today
have more choice than a few years ago, and in some parts of Northampton,
properties are spending longer on the market. This allows for more time to
consider options and even negotiate favourable terms. That said, competition
still exists for highly desirable Northampton homes, and properties in prime
locations or with unique features may still attract multiple offers.
Securing a
mortgage agreement, in principle, is vital to give any Northampton buyers an
edge in these competitive scenarios. Having that mortgage agreement in place
not only streamlines the property buying process, but also makes a strong
impression on sellers, particularly in situations where speed is of the
essence.
Northampton
Sellers Must Focus on Pricing and Presentation
On the other
hand, sellers face a market where realism is key.
As of 22nd November 2024, 5,154 Northampton homes
had been sold STC, a 23.5% increase from the 4,172 homes sold STC in the same
period of 2023. The average Northampton selling price has fallen very slightly to
£318,727 in 2024, compared to £321,073 in 2023 (a drop of 0.7%).
The £ per square foot on the homes sold STC for Northampton
has been £301 per square foot in 2024, compared to £299 per square foot in 2023.
In 2023, 50.40% of Northampton homes that came to market
were successfully sold (completed and exchanged). In 2024, that figure has risen
to 52.53%. Even though the saleability has slightly increased, still only
around 1 in 2 Northampton homes are selling, emphasising the need for careful
pricing strategies. (Northampton NN1-NN7 – 1st Jan to Nov 22nd).
National figures
showed that 52.96% of properties were sold (exchanged and completed) in 2023,
only slightly improving to 53.62% in 2024.
If you think
about it, you have just over one in two chances of selling if you put your home
on the market; therefore, accurate pricing is more important than ever, but it
isn’t the only factor. Homes that stand out in today’s market often do so
because of exceptional marketing. For sellers looking to maximise interest and
achieve a strong price, presenting their property in the best possible light is
a non-negotiable step.
The Local
Perspective: Northampton’s Unique Market Dynamics
Northampton’s
property market has always had its quirks, and 2024 is no exception. Different
postcode areas are experiencing varying levels of activity. In some areas of
the town (and villages), homes are selling quickly, while in others, buyers
have more room to negotiate, whether on price, fixtures, or even completion
dates.
This means that
flexibility can be an asset for buyers. Expanding your search radius or
considering properties slightly outside your initial criteria could reveal
opportunities that others have overlooked. For sellers, understanding these
local variations is critical to setting the right price and crafting an
effective marketing plan.
A Balanced
Perspective: The Seller-Buyer Dynamic
It’s worth
remembering that over four out of five sellers are also buyers. This dual role
often means that what might be perceived as a loss on one side of the
transaction can be recouped on the other. A slightly lower sale price on your
current property may open the door to negotiating a better deal on your next
purchase.
External Factors
Shaping the Northampton Market
No property
market operates in isolation, and Northampton is no exception. National and
global trends will inevitably influence it.
That said, Northampton's
property market has shown resilience in the past, which is likely to continue.
While challenges remain, stabilising mortgage rates and a steady economy offer
hope for a more active market in the coming months.
Final Thoughts
As Northampton's
property market moves into 2025, success will hinge on understanding the
current dynamics and being prepared to adapt. For buyers, this means having
your finances in order and being ready to act quickly when the right property
comes along. For sellers, setting a realistic asking price for your Northampton
home ensures your property is effectively marketed from day one.
The journey
requires a thoughtful approach, whether buying, selling or keeping an eye on
the market. There are both opportunities and challenges ahead - but with the
right strategy, the path forward is clear.
What’s your
perspective on Northampton’s property market? Have you noticed similar trends,
or do you see things differently?
