After the boom in house price that kicked off 2014, this year has seen slightly slower growth than predicted but as we examine here, this is not necessarily bad news for buyers or sellers.
As a city, Northampton is a great place to live and work. With a property market that has been buoyant of late, it pays to take a closer look at why Northampton is the place to invest in property, and what return you could expect on the investment you make. Of course, buying property in any kind of market, buoyant or otherwise, is a risk. Every buyer and seller should take seriously conveyancing in Northampton, so that they the very best deal for their money.
1. Prime position
London may have the fastest growing economy over and above any other city in the UK, but this does not make any other city a poor relation. Birmingham is thriving, tipped to be the hot favourite for European investors in 2015. Both these facts are perfect for Northampton.
Sandwiched between London and Birmingham, Northampton is a city and a county that is slowly simmering in house value. With easy access to the M1 for those that commute to and from either London or Birmingham, it is a well-placed city.
Likewise, the upcoming high speed rail link, HS2 is also tipped to bring more prosperity to the area. With big brands such as Avon Products, Barclaycard, Nationwide Building Society, National Grid and Texas already here, the expectation that more big employers will have a presence here is certainly a real possibility.
2. Huge investment
In readiness for Northampton to take its slice of the HS2 rail link cake, the city and county as a whole is having investment poured into unlike anything ever before.
But, attracting businesses and brands to within its boundaries can only really be done if the underlying foundation work is done. In this case, the transport infrastructure needs to be such that it can cope with not only the current workload of cars, trains, buses and commuters, but that it has capacity to swell and accommodate more.
There are 40 regeneration and investment projects as part of the Northampton Alive programme, many of which have now been completed.
3. New homes
There is much talk on the shortage of suitable homes nationwide. As a result, several areas across the country have been identified and ear marked for new properties to be built, a mix of starter homes and larger homes for growing families.
Northamptonshire forms part of the ‘Milton Keynes and South Midlands Growth’ area, a space that has been identified as perfect for 100,000 new homes. And with this construction comes new jobs, 84,000 or so are estimated to be in the pipeline.
4. Not just the city
Of course, it would be doing an injustice to Northampton and the county to assume that everyone wants to live in the hub-bub of a city. The county has outlying rural areas that are exquisite and equally as sought after when it comes to properties.
Rolling hills, dry stone walls, lime, sand and iron-stone cottages and manors from all eras, in all styles dot the countryside and entice people to live and love the rural life. The industrial heritage of the county is not erased from the countryside either, with the Grand Union Canal once again flourishing in to life. No longer the industrial thoroughfare, it offers the opportunity to slow the pace of life for an hour or two.
5. House prices
All too often, people feel that regeneration prices them out of the market and thus they feel excluded from the sparkling new city that they have called home for so long.
The average house price in the city is still lower than the county average, but the quality of the buildings and location are not compromised. The national average stands at around £280,000 but in Northampton, the figure is far lower. Thus, homeowners are enjoying the fruits of affordability and disposable income which for those living in London, may not be able to experience with such readiness. It represents great value for money, buying in Northampton.
2014 was the year that saw a surge in house prices and values, thus if you have already bought then you may be in a position of having accrued some much needed equity in which to go on and buy a larger property.