Sitting in the heart of England in the West Midlands, Northampton is proving popular amongst home buyers, especially first-time buyers and second steppers.
Why? Well, take a look around for yourself – only, if you haven’t been there in a decade or two you may not recognise the place. That’s because there’s been quite a bit of regeneration going on.
Regeneration changing the face of Northampton
This includes smart re-developments such as the Waterside Enterprise Zone and its trendy new commercial zones. At the same time the Grosvenor Shopping Centre has been given much more than a facelift, while Castle train station looks terrific after its revamp.
Meanwhile, the £330m new central campus for the University of Northampton, which is complete with accommodation, is already ensuring the Midsummer Meadow area of the town is a favourite haunt in the town centre for those in their twenties and thirties.
Property in Northampton
It’s no surprise then that estate agents and letting agents in the town are getting more than a little excited. Property here is affordable and being snapped up – especially by commuters (the town is a mere hour’s train journey away from the Capital).
In fact, according to Zoopla, Northampton was the fastest moving property market in the UK last March, with a house taking a mere to 27 days to sell (the UK average at the time was 47 days).
Here home buyers will find gorgeous five-bedroom Georgian detached homes and Victorian terraces. And if you’re looking for something a little more quaint – sweet chocolate box-style two -bedroom thatched cottages in any number of outlying villages. You’ll also find post-WW2 large semi-detached property and newer trendy former factory loft conversions in Far Cotton, in particular.
The average asking price for a property in Northampton in December 2018 is £267,896 while the average rental cost is £774 pcm, according to the website home.co.uk.
Newest property developments in Northampton
Ask any estate agent or letting agency in the city and they will enthuse about the work which began on a £200 million development scheme at Hardington just outside of the city. This will result in 750 new homes being built, as well as a school and pharmacy. Meanwhile, in Northampton itself, the Wooton area has relatively modern housing – much of which has gone up within the past two decades. One and two-bedroom houses in the area are particularly sought-after by first time buyers and buy to let landlords.St Crispin, Dunston and Upton are also favoured by the latter and are seeing the biggest development in the town. Semilong and St James are two areas found to be particularly affordable.
Economy and employment in Northampton
The local economy and employment statistics in the city are pretty impressive. Just four years ago, for instance, the city was placed top in credit company Experian’s survey of UK towns and cities to start and run a business in. Only two years ago it was the fifth best city in the UK for business start-ups, according to the government’s Centre for Cities agency.
Today, out of a total population in Northampton of 225,500, around 77 per cent of residents are in work. The majority are employed in retail & wholesale or health (21,000 people), with admin & support services next (16,000 people). Shoemaking, once the manufacturing heart of the city, no longer defines this city with its strong youth entrepreneurial streak.
When it comes to employers, nearly 47 per cent are private companies and have 96,500 individuals on their payroll. Public services employ only 26 per cent of the population (or 34,500 people).