HOUSE prices across Northampton have continued to defy expectation post-Brexit, which for agents in the area has been of little surprise.
HOUSE prices across Northampton have continued to defy expectation post-Brexit, which for agents in the area has been of little surprise. While some parts of the UK had battled a market stagnation amidst uncertainty in the lead up to the Referendum, we agreed a £1.2m sale just days before the vote, indicating that buyer appetite was strong and that vendors were committed.
For those who did exercise caution over buying and selling property pre-Referendum, the realisation of the result released a valve of pent-up demand and activity improved, and we saw transaction levels year on year exceed those associated with the traditionally quiet summer period.
Crucially, each of our sales completed at the price agreed, both in the lead up to and in the immediate aftermath of the UK’s decision to Brexit, with three going to best and final offers, illustrating the profound confidence in the quality of product available in our market, as well as the value on offer.
Value has become an increasingly prevalent buzz word since the Referendum and we are seeing greater number of buyers travelling from London and considering a move from the capital to our part of the world.
With the beautiful villages in and around Northampton, the calibre of houses and quality of life, not to mention the relative value compared to property in the capital, the appeal of our market is readily apparent. Furthermore, for many commuters, Northampton is a hidden gem, with hassle free journey times into Euston and St Pancras taking around 45 minutes which, for many Londoners, is faster than travelling across London on the Underground.
Ultimately, our market is – and will continue to be – insulated from the effects of Brexit that are starting to be felt in other parts of the UK – primarily because buyer demand outstrips supply. Furthermore, while parts of London and the South East endured astronomical price hikes following the 2008 market trough, our market has been particularly stable and all indications are that this will continue.
Northampton has long been regarded as one of the safest residential property markets in the UK and such resilience continues to shine through. Vendors are pragmatic and marketing their properties competitively, which in turn is generating high levels of buyer interest.
Offering good value, excellent schools and a sought-after lifestyle, our residential market is flourishing – and we are delighted by such a positive outlook.