If you are looking forward to buying property in the UK, Northampton is one place you should consider the most. Northampton has become a significant property hotspot in the UK, and most new homebuyers prefer to buy their first property here.
When you plan to buy property in Northampton, you should research the prevailing house prices and established neighborhoods and find out if you will need the services of UK’s no.1 residential property solicitor in Northampton like AVRillo. Here are some of the trends in the Northampton property market you should watch out for when you plan to buy a new home.
Property prices in Northampton
All over the UK, property prices have been on the rise post-pandemic. According to Zoopla, in the last 12 months, the average property price in Northampton is £295,950. Different property in this town comes at different prices. Here is a breakdown of the different property prices:
– Flats: £146,863
– Terraced: £234,243
– Detached: £444,134
– Semi-detached: £273,743
The average sold price for properties in Northampton is £160,639. As the demand for rental and buy-to-let property in this part of the UK keeps increasing, more people prefer to invest in the Northampton property market. A typical 1-bedroom house goes for £253,257, and 5- a bedroom goes for £803,832.
When buying property in this town, you should research the property market to establish which type of property you can afford. This way, you increase your success rate when buying property.
How long do properties take in the market?
If you are planning to buy property in the UK, you should know how long it takes for a property to come off the shelf. When a property is listed for sale, it will take at least eight weeks to sell in Northampton.
Three-bedroom houses take the shortest time, less than 50 days, to sell in Northampton. One bedroom houses take more than 75 days to sell. This means that there is high demand for more spacious properties in the property market.
Why you should consider buying property in Northampton
Thriving manufacturing industry
Northampton is one of the towns you should consider investing in property, and there are many reasons for that. First, the town has one of the fastest-growing economies in Northamptonshire. This town is known for its vibrant manufacturing industry. It has significant engineering and shoemaking in the UK.
Some of the most thriving initiatives in Northampton include food, tech, drink, services, and light manufacturing. The manufacturing and service industry employs most of the people in this town.
Another reason you should prefer investing in Northampton property is the stable economy here. Northampton has one of the most successful and growing economies in the UK, offering jobs to most residents and commuters in the town. A recent report shows Northampton is one of the top five places in the UK with the fastest-growing economy.
Good transport links
When buying property in any city, you want to ensure it has good transport links. You can easily access Northampton by road and train. This town is close to the M1 motorway at the A43 and A45 dual carriages and junctions 15 and 16.
The Northampton train serves different towns like London, Easton, Birmingham, and Milton Keynes. It means you can work in the capital and commute to Northampton. As a commuter, you benefit from the low property prices in Northampton.
If you are looking forward to climbing the property ladder, Northampton is where you want to consider investing in rental, buy-to-let, and new homes. When buying property in the UK, you should hire a conveyancing solicitor to help you with the legal process. Ensure you do due diligence on the property to avoid future problems.