By Richard Jones
Partner
Jackson-Stops
THERE is an acceptance that Brexit isn’t likely to be resolved soon so decisions to buy or sell property are being made. The extended deadline of 31 October has seemed to release pent-up demand within the local market place in the last six weeks and has resulted in an increase in confidence in certain sectors of the market.
In Northamptonshire, the total number of properties available on the property portal Rightmove, remains at around 10,000. This number has been static for the last 18 months demonstrating a lack of stock. This lack of stock means that when a new property comes onto the market there can be strong competition for that property.
Although transactions have fallen across all regions of the UK activity a recent Rightmove survey has shown that the Midlands has been more resilient especially in the first time buyer sector.
As always correct pricing is key to a more fluid market. There appears to be a two tier market with those houses correctly priced selling within the first two weeks of marketing and those houses that come to market some 15 to 20 per cent more than market value, struggling to generate any serious interest.
In Northampton specifically, buyer activity is fuelled by better value housing stock and we are seeing marked migration of buyers away from Milton Keynes who are willing to sacrifice a slightly longer London commute time in exchange for lower priced property with potential for growth.
Reservations on new-build sites continues to be strong and house builders remain optimistic that sales rates will steadily rise whilst the incentive of the government’s Help to Buy scheme is available.
Contact Jackson-Stops in Northampton on 01604 632991 or visit www.jackson-stops.co.uk