Wellingborough Property Market Report – June 2024

The average asking price for the 690 properties for sale in Wellingborough was £271,028 in May 2024. This is a fall of £5,034 (1.8%) 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 £271,028. A rise of £55,444 (or 25.7%).

As we can see, asking prices are beginning to level out at around the £275,000 mark, with asking prices of sold properties at £218,857, though this is still £52,171 (23.8%) lower than the average asking price.

Whilst this is quite a significant gap, it’s far less than the peak difference of £62,545 (22.9%) in October 2023.

For the past four months, the amount of sold properties has remained relatively steady at 10.4%, 9.3%, 9.8% and 10.1%  in February, March, April and May respectively.

The high I have on record is 14% in the post lockdown market of February 2022, and with interest rates at near 0%.

The lowest being 4.5% just a few months back in the festive period of December 2023.

If asking prices were to fall by 5%, they would be £257,477 (approximately the same as they were in February 2022)
If they were to fall 10%, they would be £243,925 (equivalent to around September 2021 prices)

LETTINGS

The average asking rent in Wellingborough fell by £33 last month, from £1,065 to £1,032.

The current asking rent has increased by £203 (24.5%) compared to the same month last year and £329 (46.8%) from when I started collating the data in January 2021.

Zoopla projects that UK rental inflation will halve to +5% in 2024.

For rental prices to slow down more quickly, there needs to be an increase in available properties and/or the financial burden on landlords via mortgage rates and increased legislation to come down.

Nevertheless, it’s improbable that any changes in the above will be substantial enough to significantly affect overall rental increases.