House prices on the rise in Corby, Kettering, Wellingborough and East Northants

Property prices have risen across all areas of north Northamptonshire over the past year, as revealed by new figures from the Office for National Statistics.

Despite concerns over the effects of Brexit and the Covid pandemic, housebuyers have been busy making the most of the Stamp Duty holiday, introduced in July 2020, that cut the rate of stamp duty to zero per cent for all properties £500,000 or under, until March 31, 2021.

House prices are booming in East Northants with properties in the area seeing the biggest growth, followed by Kettering and Corby, with Wellingborough lagging behind.

Lianne Woodhead, director of Woodhead and Co Sales and Lettings in Market Street, Wellingborough, set up her business seven years ago.

She said: "I don't think that property prices in Wellingborough have been touched by London people yet. I think there's going to be a boom on the way if London prices keep going up."

East Northamptonshire saw the biggest annual growth at 8.3 per cent, with the average house price in October £251,174 according to Land Registry figures.

Property prices in Kettering saw growth of 6.8 per cent in the same period (January to October 2020) with the average price of a house £216,829.

Over the past year, the average sale price of property in Kettering rose by £14,000 – putting the area 15th among the East Midlands’s 45 local authorities for annual growth.

In Corby, the longer-term trend, has seen property prices in the area achieve 5.6 per cent annual growth.

Over the past year, the average sale price of property in Corby rose by £10,000. The average Corby house price in October was £198,503.

Wellingborough's annual growth has been a more modest 1.1 per cent. House prices dropped by 2 per cent in the Wellingborough area in October.

The average Wellingborough house price in October was £217,054, Land Registry figures show – a 2 per cent decrease on September.

But over the past year, the average sale price of property in Wellingborough has risen by £2,300.

Owners of detached houses saw the biggest improvement in property prices with detached dwelllings' prices growing more rapidly than semis, terraces or flats.

Ms Woodhead said: "I think Raunds is the hidden gem, as well as the planned Rushden East that could bring 1,300 houses, and buy-to-let sales have been growing in Kettering, Corby Raunds and Irthlingborough."

In Wellingborough owners of flats fared worst in October – they dropped 2.5 per cent in price, to £106,029 on average. Over the past year, prices dropped by 2.6 per cent.

Across the other three districts prices of flats increased annually: In Kettering by 1.2 per cent; In East Northants by 3.7 per cent and only marginally in Corby where they rose by 0.2 per cent.

Ms Woodhead said: "Flats can be a problem if they are leasehold. It can cost a large amount of money to extend the leasehold. A flat that has only got 70 years left on it harder to sell."

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The most expensive properties in the East Midlands were in Rutland – £337,000 on average, The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.3 million could buy five average-priced properties in East Northants and six in Corby, Kettering or Wellingborough.

But Covid restrictions have not stopped house moves.

Advice from the Government on the gov.uk website states: "You can still move home. People outside your household or support bubble should not help with moving house unless absolutely necessary.

"Estate and letting agents and removals firms can continue to work. If you are looking to move, you can go to property viewings.

"Follow the national guidance on moving home safely, which includes advice on social distancing, letting fresh air in, and wearing a face covering."