Market Reports

New year, new-look property market? With January complete, signs are emerging of what the buying, selling and lettings trends will be in 2023. Zoopla is first out the blocks, with news on asking prices versus paid for prices.

New year, new-look property market? With January complete, signs are emerging of what the buying, selling and lettings trends will be in 2023. Zoopla is first out the blocks, with news on asking prices versus paid for prices.

We have been holding our breath to see how political and economic changes have affected the property market. Thankfully, whispers of a crash have proven unfounded and we much prefer Zoopla’s take on conditions. The portal says we’re experiencing a property market ‘shake out’.

In May and June this year, there was a small dip in the asking prices of properties for sale in Wellingborough. This is usually expected during this period as people are away on holiday and/or are enjoying the summer weather.
Since this dip, the average asking price has risen for four consecutive months, reaching it’s current high of £271,923, 4.4% higher than the ‘mini-dip’ in June and 21.6% higher than in January 2021.

It was all change across the UK in October, starting in England. It was only a month ago that we wrote about a new Prime Minister and Chancellor at the helm. Unbelievably, we are reporting the very same news a matter of weeks later, swapping Liz Truss for Rishi Sunak and Kwasi Kwarteng for Jeremy Hunt.

In May and June this year, there was a small dip in the asking prices of properties for sale in Wellingborough. This is usually expected during this period as people are away on holiday and/or are enjoying the summer weather.

September was a month of disruption. With a new Prime Minister and Chancellor at the helm, changes marked the inauguration of this new partnership. First up alterations to the stamp duty thresholds.

August is usually a time for lazy days and annual holidays but this year, the month failed to read the script. There has ­not been the traditional pause in home moving activity this summer. As a result, there are some surprising statistics to digest.

The average asking price of properties for sale in Wellingborough increased every month since January 2021, when they were £215,584, all the way up to their peak in April 2022 of £266,097 (an increase of £50,513 or around 23%).

Since April however, there were two consecutive months where asking prices dipped followed by the most recent two months where they have again begun to rise, without reaching the heights of the April peak.

July provided the experts at Zoopla with the perfect opportunity to evaluate how the last two years have affected the UK property market. Its headline statistic – pandemic housing boom creates 270,000 property millionaires – won’t apply to the majority of homeowners but the rest of its analysis will.

House prices in Wellingborough have reached some incredible highs over the last couple of years.

The Government’s latest data shows house prices in the UK have risen by 12.4% in the year to date. This was up from a rise of 9.7% in March, illustrating how price appreciation has gained pace.

The devil is in the detail, however. Prices have risen a modest 0.3% in the last month, showing that while there is still room for appreciation, the rate of growth is slowing.

June is over and where did that month go? The mid-point of 2022 is pivotal in the property calendar – with six months of trading behind us. All eyes are on the market’s momentum and whether demand is being maintained.