House prices rising faster in North Northamptonshire than in the West since local government split
Average property up £32,000 in the North, £28,000 in the West
House prices in one half of Northamptonshire have risen faster than those in the other since last year's local government split.
New figures showed house prices in West Northamptonshire increased slightly by 0.6 percent in December 2021 — but by 1.9 percent in North Northants.
And over the whole year, prices in the West were 11 percent up compared to 14.6 percent in the North.
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The two unitary authority areas were created by the break-up of Northamptonshire County Council last year, absorbing seven district and borough councils along the way.
But Halifax says the housing market 'defied expectations' in 2021 and predicts the boom is prices is likely to end this year.
MD Russell Galley said: "Following the peak activity of 2021, transaction volumes are returning to more normal levels.
"Affordability remains at historically low levels as house price rises continue to outstrip earnings growth. Despite record levels of first-time buyers stepping onto the ladder last year, younger generations still face significant barriers to home ownership as deposit requirements remain challenging.
“This situation is expected to become more acute in the short-term as household budgets face even greater pressure from an increase in the cost of living, and rises in interest rates begin to feed through to mortgage rates.
"While the limited supply of new housing stock to the market will continue to provide some support to house prices, it remains likely that the rate of house price growth will slow considerably over the next year.”
The average West Northamptonshire house price in December was up £281,975, Land Registry figures show, an annual increase of £28,000.
Owners of detached properties have been the biggest winners with a 13.4 percent increase since January 2021. For first-time buyers, the average price of flats and terraced houses rose to £143,916 and £214,036.
Semi-detached properties in West Northants were up 11 percent annually to an average of £267,385.
In the North, the average house cost £251,477, up £32,000 in the previous year putting the area seventh among the East Midlands’ 35 local authorities with price data for annual growth..
Detached-house owners again saw the biggest improvement in property prices, up a whopping 17.8 percent over the 12 months.
At the other end of the market, the average flat cost £119,284 by the end of 2021 and a terraced house £190,849.
Average cost of a semi-detached was up 14.6 percent annually to an average of £237,774.