Wellingborough Property Market Report – December 2024

The average asking price of the 760 properties for sale in Wellingborough was £265,571 in November 2024.

This is a rise of £2,824 (1.07%) from the previous month, but a fall of £6,255 (2.30%) from the same month of 2023. Since I started collecting the data in January 2021, the average asking price has risen from £215,584 to £265,571. A rise of £49,987 (23.19%).

As we can see, asking prices were levelling out at around the £275,000 mark, though are beginning to fall a little.
The average asking prices of sold properties is at £233,931, though this is still £31,640 (13.5%) lower than the average asking price of all properties for sale (£265,571).
Whilst this is quite a significant gap, it’s far less than the peak difference of £62,545 (22.9%) in October 2023 and less than £52,171 (23.8%) in May this year.

For the past six months, the amount of sold properties has remained relatively steady at 8.7%, 6.7%, 8.5%, 9.9%, 9.2% and now 8.8% (with the small dip occurring during the summer holiday period). Even with the increasing number of properties for sale, the sold percentage shows no signs of falling just yet, though with the holiday period this month, it's expected to fall and rebound in January. 

The highest I have on record is 14% in the post lockdown market of February 2022, with interest rates at near 0%. The lowest being 4.5% nearly a year ago in the festive period of December 2023.

If asking prices were to fall by 5%, they would be £252,292 (approximately the same as they were in November 2021)

If they were to fall 10%, they would be £239,014 (equivalent to around September 2021)

What will happen in the property market in 2025 and beyond?

“The housing market has shifted from a mood of hesitation to one of cautious optimism,” says Aneisha Beveridge, research director at Hamptons estate agency, who predicts an average price increase of 3% next year. The property market faced challenges last year due to higher borrowing costs. However, this year, rising incomes have begun to outpace those costs.

Data from the Office for Budget Responsibility (OBR) reveals that household disposable incomes have risen by 15% over the past two years, while house prices have only grown by 1.5%.

This shift has made homes relatively more affordable, even without significant declines in property prices. Income growth is expected to continue into next year, albeit at a slower pace from 2026 onwards.

Savills is also optimistic about the year ahead. In its latest five-year house price forecast, it projects a 2.5% increase in average home values during 2024. Emily Williams, Savills’ director of research, notes that August’s rate cut signals progress in the fight against inflation. “It should give buyers and sellers confidence that the market will improve as we approach 2025,” she says, though she adds that substantial house price growth is unlikely until borrowing costs fall further.

Knight Frank, meanwhile, has revised its predictions upward for 2024, forecasting a 3% rise in average house prices after previously predicting a decline. However, it has downgraded its 2025 forecasts due to the “more challenging rate environment” following the Autumn Budget. It now anticipates growth of 2.5% in 2025, 3% in 2026, and 3.5% in 2027, compared to its earlier expectations of 3%, 4%, and 5%.

Over the next five years, Knight Frank predicts cumulative growth of 19.3%, down from its previous estimate of 20.5%.

Zoopla expects house prices to have risen by 2% by the end of 2024. For 2025, it foresees growth of 2.5%, despite a slowdown caused by the rush to beat changes in Stamp Duty thresholds in April. Over the next three years, Zoopla predicts total growth of 7.5%. Rightmove is more optimistic, forecasting a 4% increase in average asking prices for 2024. The platform attributes this to growing seller confidence and a potential rise in demand.

Lettings

The average asking rent in Wellingborough fallen by £104 in the last three months, from £1,067 to £959 PCM (9.75%).

However, the current asking rent has increased by £131 (14.5%) compared to the same month last year and £330 (46.9%) from when I started collating the data in January 2021.

Rental prices continue to climb, though at a slower pace than before, offering tenants only slight relief. According to Hamptons, average rents are expected to rise by 4.5% this year, compared to the steep 10.2% increase seen last year. “The imbalance between limited supply and affordability challenges is likely to result in rental growth of around 4.5% in 2025 and 4% in both 2026 and 2027,” says Aneisha Beveridge of Hamptons. “This will exceed the rate of house price increases.” 

*All data sourced from Zoopla Pro