House Prices in Northampton
Northampton is found in the north of the East Midlands. This town has been ranked one of the best places to live, work, and start a business for the last 5 years. There are many reasons most people want to invest in this town, besides the transport links, quality of life, and thriving property market.
Property prices in Northampton are below the national average, making it an ideal location to invest in property on a low budget. When buying property in Northampton, you should hire residential property lawyers in Northampton to speed up the conveyancing process.
In this article, we make it easy for you to decide whether to invest in the Northampton property market or not.
Northampton property prices
Northampton is one of the places in the UK most people would like to invest big in property. The property price in this part of the East Midlands is below the national average. According to data from Zoopla, the average sold price for property in this town has been £287,665 or the last year.
The HM Land Registry reports that the average property price in Northampton is £270,581. This is 5% cheaper than the average property price in England. The property prices in this town are 40% cheaper than the neighboring Buckingham.
According to Zoopla listings, it is possible to find a house in Northampton with as little as £80,000. This is perhaps why most people prefer to buy homes in this part of the UK. Recent research shows that property in Northampton has achieved 23% growth over the last 5 years.
Here is a breakdown of house prices in Northampton according to Zoopla:
- Detached: £434,320
- Semi-detached: £265,229
- Terraced: £228,140
- Flats: £145,070
The average sold price for property in the town is £159,631. According to Rightmove, the house sold prices in Northampton for the last 12 months have been similar to the previous year. The house sold prices have gone up 11%, from the 2018 peak of £239,048.
The price of an established property in Northampton costs £ 276K, and that of a newly built house is £320K. Most properties sold in Northampton were in the range of £200K - £250K.
Rental Demand in Northampton
Northampton has a large buy-to-let market for the commuter population and those who come to this area to live and work. The residents have an opportunity to invest in affordable houses found in most of the locations.
Home.co.uk says the average rent in Northampton is around £1,053 per month. When you invest in a Northampton property, you can expect £650 PCM for a one-bedroom property and £1,659 PCM for a four-bed property. Some recent reports have also positioned Northampton at the top for rental demands. Most landlords opening HMO in Northampton can enjoy attractive rents.
Why invest in Northampton
Northampton is one of the towns in the UK with the lowest property prices. Here are some reasons you should consider buying property in Northampton.
1 – Transport links
Most people prefer to live in Northampton because of its excellent transport links. The town is centrally located with transport links via M1 and rail systems. There are lots of transport-related businesses in Northampton.
The town is just an hour away from the capital, London, Cambridge, and Oxford. It means those with business in this town are accessible from major commercial cities in the UK. It doesn’t cost you a lot to have and run a business in Northampton like it would when doing business in big cities.
2 – Quality of life
The property price in Northampton is more affordable than in other cities in the UK. Other than the affordability of houses here, the town is also known for its quality of life. Most people want to live in Northampton because of easy access to healthcare, food, and recreational facilities.
The Northampton waterside Enterprise Zone is one of the largest in the UK, making this town more attractive. Northampton is also a hub for sports stadium sites, industrial estates, business, and development opportunities for individuals and businesses.
Northampton has the most affordable flats, detached, and semi-detached houses in the UK. If you want to invest in real estate or buy a home for your family, you should consider investing here. Also, you should hire a conveyancing solicitor when buying property in Northampton to speed up the process.