Welcome to my 2016 Autumn property update.
Now this year the property market, not just here in Northampton,but across the UK has been hit by uncertainly, we had the EU referendum in June and before that in the spring, landlords and second home buyers had to contend with the stamp duty increase.
So how has this affected our Northampton’s property market so far this year?
Well property values are up 1.7% on last month to leave an annual price growth at over 12%!
And when we looked back further over the last 18 months prices are on average 17% higher! Which compared to the 13 percent national average increase of the last 18 months, we’re not doing too badly!
When I looked at the property types, so detached, semi-detached, terraces and apartments, To see which had been performing best there wasn’t actually much in it. The detached and semis performed best with over 18% increases, terraces were up over 17% and the apartments were up 15.6%.
Now There was a definite surge of properties being sold before the stamp duty change on the 1st of April 2016, From my research looking at our local area here
so the nn1 post code, in January this year 33 properties sold, in feb it was 35 and in march this figure jumped to 105. Then in April and May the numbers dropped back to 34 and 38 properties being sold in these months. So this may have accounted towards these increases.
But the challenge I see for buyers at the moment is the lack of choice, the levels of stock are still down causing a substantial demand and supply imbalance and until we see consistent and steady increases in properties coming on to the market we are likely to see continued increases in price,
perhaps not to the same extent as we have seen over the last 12 to 18 months but we might just see the market coming back into balance – which will be good news for everyone.
If you are looking to sell or let your property and wish to have free market appraisal, why not get in touch with me, I’m Katherine bond and you can call me at our letting and estate agency Northwood Northampton on 01604 607080.