Wellingborough Property Market Update – December 2022

Property prices have recently been subjected to some doom and gloom in the media, so I’ve taken a closer look at what is happening with asking prices in Wellingborough up to and including November 2022.

Following a steady rise for the year, there was a small dip in the asking prices of properties for sale in May and June this year. 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 five consecutive months, reaching its current high of £273,827, 5.1% higher than the ‘mini-dip’ in June and 27% higher than in January 2021.

There has however, been a £16,977 (5.7%) drop in asking prices of properties that have just been listed for sale in November. I believe this is the market beginning to react to the changing buyer behaviour in the wake of the cost of living crisis, inflation, interest rate rises and energy price increases.

We see further evidence of that when we look at price reductions.

A massive 10.3% of all properties for sale in Wellingborough have had a price reduction, with the average amount knocked off the average asking price being £15,432 (5.6%), which again suggests that the market is reacting to buyer behaviour.

Further evidence is seen when we see that just 8.7% of all properties for sale have been listed as sold, which could be seasonal given that many people will be waiting until after Christmas to move home.

However, the average for the previous twelve months is 11.2%, plus the average time to agree as sale has increased from three and half weeks over the past year to nearly five and a half weeks in November. This too could be seasonal, but a rising trend has been evident since April.

In the Wellingborough rental market, the average asking rent hit a new high of £811 PCM.

This represents a 15.4% increase compared to January 2021 and seems to follow a trend that when the supply slightly dips, rents follow with an increase.

With the cost for landlords increasing (due to interest rate rises and increased legislation), more and more landlords are leaving the private rental sector, meaning the remaining landlords will likely increase rents to cover mounting costs AND fewer properties being available will mean more demand.

Property prices have recently been subjected to some doom and gloom in the media, so I’ve taken a closer look at what is happening with asking prices in Wellingborough up to and including November 2022.

Following a steady rise for the year, there was a small dip in the asking prices of properties for sale in May and June this year. 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 five consecutive months, reaching its current high of £273,827, 5.1% higher than the ‘mini-dip’ in June and 27% higher than in January 2021.

There has however, been a £16,977 (5.7%) drop in asking prices of properties that have just been listed for sale in November. I believe this is the market beginning to react to the changing buyer behaviour in the wake of the cost of living crisis, inflation, interest rate rises and energy price increases.

We see further evidence of that when we look at price reductions.

A massive 10.3% of all properties for sale in Wellingborough have had a price reduction, with the average amount knocked off the average asking price being £15,432 (5.6%), which again suggests that the market is reacting to buyer behaviour.

Further evidence is seen when we see that just 8.7% of all properties for sale have been listed as sold, which could be seasonal given that many people will be waiting until after Christmas to move home.

However, the average for the previous twelve months is 11.2%, plus the average time to agree as sale has increased from three and half weeks over the past year to nearly five and a half weeks in November. This too could be seasonal, but a rising trend has been evident since April.

In the Wellingborough rental market, the average asking rent hit a new high of £811 PCM.

This represents a 15.4% increase compared to January 2021 and seems to follow a trend that when the supply slightly dips, rents follow with an increase.

With the cost for landlords increasing (due to interest rate rises and increased legislation), more and more landlords are leaving the private rental sector, meaning the remaining landlords will likely increase rents to cover mounting costs AND fewer properties being available will mean more demand.