UK Regional Property Market Update: Homes Sold in 2024

 

The UK property market in 2024 has seen fascinating regional variations in the number of homes sold. With over 1 million homes sold across the country, understanding these differences offers valuable insights into market activity. 

 

The broader picture of the UK’s different regions shows a diverse and dynamic market.

• South East: Leading the pack with 167,782 sales, this region reflects its enduring popularity and diverse housing stock.
• North West: A strong contender with 119,857 sales, showcasing its appeal for both families and investors.
• East Anglia: A notable 112,472 homes sold, highlighting steady demand in this charming region.
• London: With 110,693 sales, the capital remains a robust market despite shifting buyer preferences.
• South West: Achieving 108,695 sales, its scenic appeal continues to attract movers.
• West Midlands: A solid performance with 87,792 homes sold, reflecting its regional growth.
• Scotland: Strong activity with 87,453 sales, demonstrating market resilience north of the border.
• Yorkshire & Humber: A competitive 85,126 sales, with its mix of urban and rural offerings.
• East Midlands: 80,692 homes sold, showing steady movement in the East Midlands.
• Wales: A total of 47,486 sales, representing a smaller but vibrant market.
• North East: With 43,081 homes sold, the smallest English region shows consistent demand.
• Northern Ireland: Rounding out the UK with 22,783 homes sold, reflecting a compact yet active market.

 

Understanding these regional differences adds context to the national property market picture. 

While large numbers like the South East’s 167,782 might grab attention, it’s equally fascinating to see the consistent activity in smaller regions like Northern Ireland.

Knowing what’s happening both locally in Northampton and across the UK helps landlords and homeowners make better-informed decisions. If you’d like to discuss what these trends mean for you—or simply pick my brains on the property market—feel free to give me a call anytime.

 

How much would it cost to buy all the homes in Northampton?

 

This interesting question was posed by one of my Northampton landlord’s teenage daughters when they dropped into my offices before the Christmas break (doesn’t that seem an age away now?).

I didn't know the answer off the top of my head, yet I promised I would find out. So, over the Christmas holidays, I worked out the total value of all the properties in Northampton and, just for a bit of fun, worked out how much they have gone up in value since his daughter was born in the autumn of 2010.

 

In the last 14 years, the total value of Northampton property has increased by 65%,

or £9.748 billion, to £24,745,931,859 (or £24.745 billion).

Interestingly, the FTSE100 stock market has only risen by 38.5%. When I compared it to inflation (i.e. the UK Retail Price Index), this had risen by 51.1% during the same 14 years.

When I looked deeper into the numbers,

The average price currently being paid for

a Northampton home stands at £278,571.

(Northampton being, for this exercise, all homes within a 5-mile radius of the town centre and the average price paid in the last three months).

But regular readers of my Northampton property market blog articles know me. I wasn't going to stop there, so I split the property market down into the individual property types in Northampton. The average numbers come out like this.

The Northampton property market reveals an intriguing dynamic when comparing the total value contributions of different property types.

 

·       Detached houses have an average value of £445,249 and a total of £8.806 billion.

·       Semi-detached houses, with an average value of £275,311, contribute £7.229 billion.

·       Terraced and townhouses, averaging £230,655, collectively amount to £6.483 billion.

·       Apartments, with an average value of £143,678, still contribute a substantial £2.226 billion.

This remarkable growth in property values over the past decade and a half reflects the fundamental strength of Northampton's property market. But what does this mean for homeowners, homebuyers, and landlords as we move into 2025 and beyond?

The Northampton property market remains underpinned by several key factors that ensure its resilience, even amid broader national and global economic uncertainties. Property ownership continues to be a stable and rewarding long-term investment for Northampton homeowners, buyers and landlords. While market conditions may fluctuate in the short term, history has shown that property values in Northampton tend to weather these ups and downs and emerge stronger over time.

A Growing Rental Market in Northampton

For landlords, the rental market in Northampton remains an area of significant opportunity. Demand for rental properties is robust, driven by population growth, changing lifestyle preferences, and continued interest in the area from those seeking a quieter pace of life (compared to major cities). This demand keeps rental yields steady, offering landlords a reliable income stream and the potential for capital growth.

As Northampton continues to attract young professionals and families due to its excellent transport links, quality schools, and a sense of community, the appetite for quality rental homes remains strong. For landlords considering expanding their portfolios, now may be an excellent time to explore options in Northampton's semi-detached or terraced housing market (even apartments if the service charge is reasonable), which provides a good balance of affordability and rental potential.

Supply and Demand of New Homes in Northampton

Another reason for optimism is Northampton's persistent undersupply of new housing. I know some of you will say some parts of Northampton have looked like a building site for months, yet the fact is, we aren't building enough new homes in the town. With demand consistently outstripping supply, property values are thus supported, reducing the likelihood of significant price drops.

Borrowing Costs to Buy Northampton Homes

Although interest rates are higher compared to recent years' historic lows, they remain very manageable by historical standards. For those looking to buy their home in Northampton, this can still represent an opportunity to secure a mortgage and move up the property ladder.

Meanwhile, the Bank of England's continued efforts to stabilise the wider British economy offers  hope that rates may drift downwards, further boosting buyer confidence. Beyond the financial figures, Northampton has a lot to offer. Continued investment in local infrastructure, schools, and public amenities enhances its appeal as a place to live, work, and invest.

As always, navigating the Northampton property market can be complex. Whether you're considering buying, selling, letting, or even investing in buy-to-let, making informed decisions is essential. If you'd like to discuss your property related goals or have questions about the Northampton property market, I'd be happy to help. My door is always open for a no obligation chat.

 

 

DECEMBER'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 December's £/sq.ft statistics.

The average property presently in Northampton is on the market for £258 per square foot, a figure representing the current heartbeat of Northampton’s property market.

Last month it was £256 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.

What are new homes worth around the UK?

 

The UK property market continues to showcase the significant role new homes play, contributing to nearly one in every five house sales annually. 

In 2024, the average price paid for a new home across the UK was £505,978, reflecting a strong demand for modern, energy-efficient properties. 

Below is a breakdown of average new home prices by region, listed in descending order:

• London: £940,467
• South East: £572,515
• East Anglia: £493,622
• South West: £456,192
• West Midlands: £370,162
• East Midlands: £368,267
• Scotland: £368,267
• Wales: £361,737
• North West: £351,412
• Yorkshire & Humber: £327,818
• North East: £313,131
• Northern Ireland: £279,827

 

London unsurprisingly tops the list, with average prices almost double the UK average, highlighting its premium market. In contrast, Northern Ireland sees the most affordable new home prices. Interestingly, East Anglia and the South East demonstrate robust averages, reflecting their appeal for both commuters and retirees.

This data underscores the diverse housing market across the UK and the continued importance of new builds in meeting buyer demands. As new homes make up a substantial portion of the market, understanding these regional variations can help buyers and estate agents navigate opportunities effectively.

If you are a Northampton homeowner, first-time buyer or landlord and wish to know if a new home could (or could not) be an appropriate next property purchase, please call us on 01604 626 626 or email on northampton@belvoir.co.uk, and ask for Richard.

 

The 2024 Northampton Property Market: An analysis of last year’s property market and what will happen in 2025?

 

As an experienced estate and letting agent based in Northampton, I like to monitor the UK and Northampton property market trends.

Therefore, I will start by analysing the 2024 property market (both nationally and locally) and then give my predictions for 2025.

 

In 2024, the UK property market recorded 1,230,136 homes sold subject to contract (stc). This figure represents a significant increase compared to 2023, where only 1,066,212 properties were sold stc.

 

15.4% more UK homes sold stc in 2024, compared to 2023

 

For those of you who like your property stats, the average price of the UK property sold stc in 2023 was £354,981 with an average of £331/sq.ft. In 2024, the average sale agreed price was 1.84% higher at £361,529, yet the average pound per square foot was 2.72% higher at £340/sq.ft. 

The number of transactions has significantly risen, while the average price paid for a UK property and the pound per square foot has remained relatively the same. That means that while house prices have not really risen, the number of UK homes that sold did significantly. Remember, the best bellwether of the health of the UK property market is not necessarily UK house prices but the number of homes sold.

Such a change in the property market demands a deeper analysis to understand the underlying factors and what they might mean for local markets, such as Northampton.

 

Key Drivers of the UK Property Market Surge

Several factors have contributed to this positive momentum:

 

1. Falling Mortgage Rates: Lower interest rates have made borrowing more accessible, encouraging buyers who may have previously hesitated due to affordability concerns.
2. Wage Growth: Rising wages have given potential buyers greater financial confidence, enabling them to consider property purchases.
3. Low Unemployment: A stable job market has fostered a sense of security, emboldening people to make significant life investments, such as buying a home.
4. Changing Preferences: Post-pandemic shifts in how and where people want to live continue to play a role, with buyers seeking properties that align with their evolving lifestyles.

 

Northampton’s Property Market: A Comparative Analysis

When we turn our attention to Northampton, it's important to recognise that local markets can behave differently from national trends (Northampton being NN1 to NN7). 

In 2023, 4,463 Northampton homes sold for an average of £320,255 (at an average of £299/sq.ft.), while in 2024, 5,495 Northampton homes sold for an average of £319,533 (at an average of £300/sq.ft.).

The most important thing here is the increase in the number of transactions.

 

23.1% increase in Northampton home sales in 2024 compared to 2023

 

As I've stated before, the number of transactions is a much better bellwether of the health of the property market than house prices.

So, what of 2025?

 

Local Influences Shaping Northampton’s Property Market

Northampton's property market doesn't exist in isolation - it's shaped by a range of local factors that are often similar yet different from national trends. Changes in employment levels, ongoing infrastructure developments, and shifts in the local demographic profile can all impact it.

Regional policies can also influence market activity. Understanding these nuances is essential for property owners and landlords who want to make strategic decisions.

 

Looking Ahead into 2025: Advice for Northampton Homeowners and Landlords

As we enter 2025, the UK property market shows continued promise, yet a one-size-fits-all approach won't work in Northampton. National patterns interact uniquely with local circumstances, meaning it's vital to focus on what's happening on the ground here.

Local market knowledge is a key advantage for Northampton homeowners planning to sell or landlords managing portfolios. Evaluating your property's position within the Northampton market could make all the difference in navigating opportunities or mitigating challenges in the year ahead. While 2024 was strong, it’s critical to go beyond the headlines. Local insights often reveal opportunities that broad trends don’t capture.

 

Of the 7,876 homes that left Northampton estate agent books in 2024, only 4,199 of those homes the owner sold and moved (53.31%), while the remaining 3,677 homes (46.69%) withdrew, unsold

 

The Key to Selling Your Home in Northampton is Realistic Pricing

Looking at the statistics above, just over half of the properties listed for sale in Northampton go on to sell. This highlights an essential truth about the Northampton property market: pricing your home realistically is the single most crucial factor in securing a successful sale. Many estate agents are tempted to overprice properties to win your business, but this approach can significantly hinder your chances of selling, especially in a competitive market like Northampton.

Research by ‘Denton House’ reveals that properties listed at the right price from the start are far more likely to sell quickly and successfully. For example, homes that sell within the first 25 days of being listed have a 94% likelihood of reaching completion and ensuring the homeowner successfully moves. However, if a property lingers on the market for over 100 days, if the homeowner does agree on a sale, the chances of that sale going on to exchange and complete (i.e. the homeowner moving) plummet dramatically to 56%.

As an experienced local estate agent in Northampton, I understand the intricacies of our market and can provide honest, expert advice about your property's value. I aim to help you set a realistic asking price that maximises your chances of selling while achieving a fair and competitive market value. I analyse local market conditions daily and stay up-to-date with shifting trends, ensuring your home is priced to sell - not to sit on the market.

If you’re eager to move and want a reliable, professional approach to selling your home in 2025, I'm here to help. Let's work together to make your property stand out in Northampton's market, attract motivated buyers and ensure a smooth sale from start to finish. Get in touch today for tailored advice and a strategy to sell your Northampton home.