Kettering and Wellingborough make top ten list for biggest house price rises - the bubble will burst, says one local expert

Kettering and Wellingborough have been ranked in the top ten of places with the strongest house price growth, according to new data from Halifax.

Average property values rose in Kettering by 15.9 per cent to £326,895, and Wellingborough close behind with a 15.5 per cent increase to £306,985.

The prices quoted are taken from the Halifax database and refer to average prices for the 12 months to November of each year (2021 to 2022).

House price rises were boosted as London residents sold up in the capital to upsize to bigger properties with working from home becoming a reality for many.

James Smith, director at Henderson Connellan, said: “Kettering and Wellingborough benefit greatly from swift train connections to London St Pancras in under an hour.

"With the evolution of more people working from home during and post pandemic, these two locations offer great value homes in desirable locations with lovely open countryside nearby, yet excellent commuter connections – not just rail but main motorway/artery routes around the country.”

Mr Smith has seen prices increase ‘dramatically’ over the past two years, with people especially enjoying the area’s country parks and shopping and leisure complex at Rushden Lakes.

He said: “While interest rates have risen, and the cost of living has been increasing – the value for money this area offers is a compelling reason for out of area buyers to consider Kettering and Wellingborough – a trend we would anticipate will continue.”

But Lianne Woodhead, owner of Wellingborough-based Woodhead and Co estate agents, thinks the price hikes are over as markets gat back to normal after Covid.

She has already seen a slow down with sales taking two weeks longer in December 2022 than at the start of last year.

She said: “The bubble has burst. In Covid we could sell a house before it even went on the market. I think they (house prices) will go back to pre-Covid levels. It was unsustainable.”

Ms Woodhead says the temporary reduction in Stamp Duty boosted sales as well as people looking to move out of London. But she also saw people moving for fun.

She said: “One family in Rushden moved from a five-bed detached house with a garage to another five-bed detached house with a garage during Covid because they said they were ‘bored’.”

The property expert has predicted a rise in repossessions.

She said: “I think we will see a decrease in house prices in 2024. It will be a big drop. There’s going to be a rise in repossessions with the way the mortgages are going.

"If there is a drop in house prices it’s good for everybody. People needn’t be worried.”

In Corby the housing market has remained buoyant with people snapping up relative bargains.

Lee Adams, director of Henderson Connellan Corby, said: “Corby has seen massive investment and residential expansion over the last 10 to 15 years, with that prices have risen but are still low in comparison to London regions.

“We do see a good number of out of area buyers enquire with us looking to benefit from a better quality property (larger) for less money in a semi-rural – no city environment.”