Local market report and housing update
Winter 2022/23
Snapshot & Location
Northampton, located in the East Midlands, has a long medieval history originating from the 1100s where it started as a walled town with a castle. It was granted a town charter by King Richard I in 1189 and has since become the largest UK town without city status. Much of the town was destroyed by a fire in 1675 and was rebuilt through the 18th century.
Location Map
Local demographics & economic trends
The population of Northampton is currently estimated to be 226,050, an increase of 6.6% (or almost 14,000 people) since the last census in 2011. When compared to the 2001 figure, the population has grown by a robust 13.6% over the last 20 years, amounting to an additional 27,127 people. It is expected to grow to 229,746 over the next ten years, representing a moderate 1.6% increase, or an additional 3,696 people.
It is estimated that there are approximately 95,712 households in Northampton, making the average household size 2.4. The number of households is forecast to rise by a notable 4.4% in the next ten years to reach just under 100,000.
Connectivity
Northampton is located 60 miles north-west of London and 50 miles south-east of Birmingham, with excellent rail and road links to both. The nearby M1 put the growing town at the heart of the national road network, connecting the town to London and its most southerly part and Leeds at its most northern. Other nearby towns and cities include Leicester (30 miles), Milton Keynes (16 miles), Cambridge (43 miles), Oxford (37 miles) and Peterborough (37 miles).
The local Housing Market
Sales Market
Average house prices by property type and location
West Northamptonshire
North Northamptonshire
England and Wales
Detached
Semi-detached
Terraced
Flat
Overall Average
£498,566
£290,427
£233,931
£150,307
£304,532
£447,169
£267,658
£216,556
£131,091
£281,100
£488,076
£298,211
£253,644
£253,542
£311,074
Source: HM Land Registry (October 2022, latest data)
"As with many other areas across the country, the level of demand in the sales market over the last three years has been exceptional and well above average"
Chart
Chart
Rental Market
Latest data from the ONS (Q1 2022) shows that rents in Northampton are currently around £772 per calendar month (pcm) while in nearby East Northamptonshire they are a similar figure (£765 pcm). Across South Northamptonshire, however, they are much higher at £966 pcm, reflecting a 25% rental premium in this district compared with Northampton itself.
Northampton
Market Square was envisaged as a central point for the town, with much of the frontage onto the square remaining unchanged since the late 17th and 18th century.
St James Retail Park is also a large shopping precinct just south of the town centre. There are many other out-of-town retail parks. Northampton has 170 parks and open spaces, spanning around 1,880 acres. Popular parks include Abington Park, The Racecourse and Upton Country Park. There are many local entertainment venues which provide events and leisure centres offering various sports and activities. It is also known to have a vibrant nightlife, with numerous restaurants, music venues, clubs and bars on offer.
Homeowners in Northampton account for 58.8% of the total number of households. Social rented accommodation and private renters make up 16.8% and 23.3% respectively. These numbers are projected to shift slightly in the next five years, with 54.6% owning their own home, 16.2% in socially rented accommodation and 28.3% renting privately. Northampton attracts younger households who are often new homeowners or are aspiring to purchase their own home, drawn by the appeal of a more affordable housing market than London and Birmingham. The higher number of private renters in Northampton compared to the UK total (17.8%) illustrates that many are renting while they save money to get on the property ladder.
The employment rate in Northampton is slightly above the UK average, with 76.6% between the ages of 16 and 64 in employment and 3.0% unemployed. This compares with the UK average of 75.5% and 3.0%, respectively.
Compared to a national median age of 40 years, the median age of the population in Northampton is slightly younger at 37 years. Across Northampton, 24.1% of the population is aged 19 or younger, indicating that families are a large part of the local demographic. Across England and Wales, the total proportion of the population aged 0-19 is notably lower at 23.1%. Conversely, only 6.9% are over the age of 75, compared to 8.6% across England and Wales.
There are also excellent bus services which provide travel within the town as well as to outlying villages and towns within the county. The bus network offers connections to Corby, Daventry, Kettering, Rushden and Wellingborough. It also goes as far afield as Bedford, Leicester, Market Harborough, Milton Keynes, Peterborough and Rugby.
The average price of a house in Northampton (West Northamptonshire) broke the £300,000 barrier for the first time in September 2022, to reach a current average price of £304,532. Prices have grown by a robust 27% since the start of the pandemic (February 2020) and 12.7% over the last 12 months alone.
In neighbouring North Northamptonshire average prices are slightly lower, currently at £281,100. Nevertheless, prices here have risen by an average of 14.6% over the last 12 months and an even stronger 32% since February 2020.
The Local Housing Market
Average house price
Average house price growth
Average rent
(£ per calendar month)
Annual rental growth
Gross Yield
£304,532
12.7%
11%
£885
3.7%
Sources: HM Land Registry (October 2022, latest data), REalyse
The timelier data from REalyse and Rightmove shows that, as with most of the rest of the country, rents in Northampton have continued to rise throughout the year. Current asking rents of £885 pcm in Northampton shows that rents have risen by at least 11% over the last year. High rates of tenant demand coupled with an ever-decreasing supply of available properties in almost every district in the country has put strong upward pressure on rents over the last 12-24 months and Northampton has been no exception.
Sources used: Carter Jonas Research, Experian, Google maps, HM Land Registry, Office for National Statistics, REalyse, Rightmove
Notes: REalyse rental data 12-month rolling average
Get in touch
Email me
01604 608200
Partner
Ian Cattle
For further information, please get in touch with one of our local experts
The town is an important retail and market centre serving Northamptonshire and north Buckinghamshire. The main shopping centre in the town centre is the Grosvenor Centre.
It has become a popular commuter town due to its links to London and Birmingham, particularly for families who can take advantage of the more affordable housing market while retaining good connections.
Northampton Rail Station is centrally located and offers services southbound to London Euston and northbound to Birmingham New Street and Crewe.
Sywell Aerodrome, the nearest airfield, caters for private flying. For commercial flights and international links, the East Midlands Airport and Luton Airport are quickly accessible by the M1. Birmingham Airport is also in close proximity.
Location based on nearby top-performing primary and secondary schools is often a very strong factor in deciding where to move and locate, with proximity to the best schools strongly correlated to local average house prices. Research has shown that homes located near top-performing schools can add anywhere from £20,000 - £50,000 to home values.
There are a range of schools and educational institutions in Northampton, including a university, a college, special and alternative schools, private schools and Church of England schools.
Notes: Average house prices: North Northamptonshire. Rental rates areas:
five-mile radius from centre. Projected house price growth, incomes and
demographics data, areas: Respective local authority
2032 forecast
population
(number)
231,116
Ten-year forecast population
(% change)
1%
Proportion of population who are owner occupiers
59%
Proportion of
population who are private renters
23%
Average annual
income
(2022, provisional)
£35,837
Five-year projected house price growth (cumulative)
7.5%
Local market report and housing update
Winter 2022/23