Abington Values Up over 0.5% Last Month

Property values in Abington increased by 0.6% last month. This follows several months of sluggish activity in the Northampton property market in the run up to the Christmas, putting the average price of a property in Abington at £199,200,  5.8% higher than a year ago. Interestingly, the Council of Mortgage Lenders and Estate Agent trade bodies over the last few months have reported seeing a fall in mortgage lending and enquiries from prospective homebuyers

However, this is NOT being seen in Abington. The Land Registry have just published their latest set of data for Abington, and in October 2015 (the most recent of data available), 54 properties sold and completed.  October is not normally a busy month, but the figures tell another story as those 54 sales represented 9.34% of the last 12 months property sales in the area.

This is important because it comes amid an overall fall in housing market activity in Northampton. Data from the Land Registry show that as the number of property sales in Abington is rising, completed property sales in Northampton in the last half of 2015, (the most up-to-date figures available) fell by 9.74%.

As I write this article, over the last 36 days of the 144 new properties that have come onto to the market in Abington, 48 of those properties have found a buyer and sold subject to contract (or exactly 33.3%). When we compare that to the whole of Northampton, in those same 36 days, 758 properties have come on to the market, yet an impressive 39.9% of those homeowners have found a buyer (i.e. 303 properties).

In view of those figures, it is still vital to realistically price your Abington property if you are going to find a buyer.

I still maintain the view that house prices are likely to rise by around 3 to 4% in Abington in 2016. The reason being is that the rise reflects both strong economic conditions in the town and steady market conditions with (and this is the most important factor) very low numbers of properties on the market.