Guess which county has stolen London's crown as the latest property hotspot?
When it comes to the making the perfect property purchase it’s all about location, location, location. And while the capital has always been viewed as safest place to invest your hard-earned property pennies, the latest figures on house price increases could be about to turn this idea on its head.
According to research by property website Rightmove, Northamptonshire is experiencing the biggest property boom across England and Wales with asking prices in the county jumping up by 9.1% over the last year and 2.2% in the last month.
This listed 17th-century thatched cottage is located in the picturesque village of Moulton, Northampton. It’s on the market for £675,000 with Michael Graham.
In contrast, asking prices in Greater London have dipped by 1.9% across the month, while the fall across the same period for England and Wales as a whole is 0.9%.
And it seems that Northamptonshire’s burgeoning housing market is far from a one off in the Midlands, with other counties in the region experiencing a similarly impressive “mini boom”. Annual prices increased by 7.9% in Derbyshire, followed by 7.4% in Norfolk and 7% in Nottinghamshire, Bedfordshire, Worcestershire, the West Midlands and Leicestershire.
Separate figures from Countrywide show that this upward trend is set to continue with Britain’s biggest estate agent predicating prices to have risen by 2.5% in the Midlands and North-West by the end of the year.
A three-bedroom apartment in this handsome building at Cottesbrooke will set you back £350,000. It’s on sale through Fine & Country.
Explaining the shift towards the North, Miles Shipside, Rightmove director and housing market analyst, says ‘With a shortage of suitable choice in many parts of the country, buyers are becoming increasingly adept at hunting down property that fits their budget. High demand and limited supply are still driving momentum, especially in the counties in the middle of the country.’
With an average property price of £256,642 in Northamptonshire – compared to the London average of £482,000 – and quaint villages in the county such as Yardley Gobion and Cottesbrooke coming in at under an hour’s commute to London, Northamptonshire could be on track to become the next big thing in property.
Words: Miriam Habtesellasie