House prices in Northampton now falling fast
A Glimpse into the Declining House Prices in Northampton
In recent times, the housing market in Northampton has been causing quite a stir, and not for the best reasons. If you’re a first-time buyer or contemplating purchasing a new build property with a small deposit, this might be the right moment to reconsider your options. The likelihood of landing in negative equity for a considerable period has never been more significant. In this blog post, we’ll delve into the evolving real estate landscape in Northampton, where the house prices are plummeting at an alarming rate.
**Unprecedented Price Drops**
Over the past year, I’ve consistently been conveying the same message to potential homebuyers in Northampton – wait. The market has been on a steady decline, and this cautionary approach is becoming increasingly crucial. In the last few days, I’ve witnessed a remarkable surge in available properties, with price tags significantly lower than most people could have ever imagined.
Astonishingly, several properties that would have easily fetched £170,000 or more just last year have now been listed for auction. It’s believed that these listings mostly come from buy-to-let landlords who are looking to exit the market. However, with the recent reevaluation of the Renters Reform Bill, their plans might take an unexpected turn.
Some of these properties are starting with a guide price as low as £70,000, and although they are likely to sell for more, it’s evident that these properties are hitting the market with a sense of urgency. The final auction results will undoubtedly reveal the true market sentiment.
**Bargain Opportunities Abound**
Properties that would have been snatched up at £170,000 or £160,000 last year are now available at much lower prices. Take, for example, a property listed with Connells, a national estate agent. This property was initially listed at £175,000 in April but has undergone four price reductions, currently sitting at £130,000. Despite these substantial cuts, it’s yet to find a buyer, underscoring the challenging environment for sellers in the Northampton region.
**Striking a Deal in a Falling Market**
If you are in or around Northampton and contemplating a property purchase, there are certainly bargains to be had. Of course, finding the right mortgage deal is crucial. It’s essential to strike a balance between property prices hitting their lowest point and mortgage deals becoming more reasonable. In my opinion, this equilibrium could be anything below a 4% interest rate with minimal fees. The era of exorbitant fees from certain lenders appears to be waning, and it’s advisable to steer clear of such offers.
**Tracking Property Prices**
In the current market climate, it’s more important than ever to monitor property prices in your area. Tools like the Property Log plugin, which can be added to your Chrome browser, allow you to access valuable information. This plugin reveals the initial listing price on Rightmove and documents every subsequent price reduction, including the date and amount. By diligently monitoring selected properties in specific areas, you can gain insight into the fluctuations in your local property market.
**Stay Connected**
As always, if you have any questions or need assistance navigating the ever-changing property landscape in Northampton or beyond, please don’t hesitate to reach out. Whether it’s by phone, email, or message, I’m here to help. If I can’t respond immediately, I’ll get back to you at the earliest opportunity.
In conclusion, the Northampton housing market is in a state of flux, with house prices falling rapidly and presenting opportunities for savvy buyers. However, it’s crucial to remain cautious, stay informed, and choose your mortgage deal wisely. By closely monitoring property prices and keeping an eye on the market, you can make informed decisions in these uncertain times.