House prices: Buyers fork out tens of thousands more on average and West Northamptonshire's most expensive areas revealed

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Top prices paid around Silverstone and lowest in Northampton town centre and Semilong

Buyers had to fork out tens of thousands of pounds more for homes in West Northamptonshire last year, according to new figures which also reveal the area's most expensive neighbourhoods.

Covid-19, which prevented house sales during the first lockdown, coupled with stamp duty holidays has boosted the housing market since the world opened back up.

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Office for National Statistics data shows the median house price hit £268,000 in West Northamptonshire in the year to June – up £23,000 compared to the previous 12 months.

More than 6,000 homes changed hands in West Northamptonshire in the 12 months to June 2021.More than 6,000 homes changed hands in West Northamptonshire in the 12 months to June 2021.
More than 6,000 homes changed hands in West Northamptonshire in the 12 months to June 2021.

House prices were also above pre-pandemic levels, with the average standing at £245,000 in the year to June 2019.

The median – the middle number in a series – is used to ensure the figures are not skewed by extreme highs or lows.

These neighbourhoods in West Northamptonshire recorded the highest median house prices in the year to June:

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■ Silverstone and Syresham and Helmdon: £475,000 – up from £385,000 in 2019-20

■ Clipston, Naseby and Yelvertoft: £375,000 – up from £306,000

■ Long Buckby East and Ravensthorpe: £373,000 – an increase from £355,000

■ Wootton and Collingtree: £370,000 – rising from £312,000

■ Towcester West and Blakesley: £362,000 – up from £335,000

By contrast, the area recording the lowest average house price was in Northampton town centre and Semilong, where homes sold for around £151,000 in 2020-21.

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The figures also show the number of homes sold in West Northamptonshire rose year-on-year, from 5,627 to 6,167.

The largest proportion were in Towcester East and Paulerspury, where 283 homes changed hands in the period.

Across England, residential property sales increased by 10 percent to 761,067.

Martin Beck, chief economic adviser of economic forecasting group EY Item Club, said while Government measures such as the stamp duty holiday brought forward house purchases last year, the market could be set to change.

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He said: “The prospect of a series of interest rate rises by the Bank of England in 2022 will translate into higher mortgage rates.

“And cost of living pressures faced by households from rising inflation and taxes mean fewer people will be able to afford to borrow the necessary amount they need to buy at higher mortgage rates.”

But Mark Harris, chief executive of mortgage broker SPF Private Clients, said mortgages are still competitively priced, meaning buyers will continue to 'take the plunge.'

Nicky Stevenson, managing director at estate agent group Fine & Country, said with most agents still struggling to find enough homes to meet demand, the financial pressures were unlikely to have a “significant” impact on the market.

And property consultancy Knight Frank said high levels of requests from homeowners for a valuation of their property indicated more may be choosing to sell this year.