Yorkshire property market update
It’s coming up [white] roses in Yorkshire, where a shift in momentum from South to North is fueling demand in sales and lettings.
Reported to be the largest of the 39 historic counties in the UK, Yorkshire stretches from the Pennines to the North Sea, taking in Moors, Dales, Cities and coastal towns along the way. Its property market is just as diverse as its landscapes, and our ‘new normal’ is already having an impact on house prices and rental values in the county.
A report issued in late September 2020 by estate agent Hamptons International revealed the UK hotspots where property prices have recovered the quickest since lockdown. Yorkshire & the Humber took joint second spot with London, posting a 2.5% house price recovery.
The agent also looked ahead at how house prices would behave in 2021 and beyond - those hoping that prices will continue to rise are in luck. By the end of 2023, Hamptons International forecast that Yorkshire and the Humber region will see price inflation of 10.5%.
Property portal Zoopla conducted its own research to shed light on the state of the nation’s property health. Its findings somewhat mirror that of Hamptons International, showing that house price growth in Yorkshire stood at 3.3% per annum – one of the highest rates of inflation seen across the UK.
As a result, first-time buyers in Yorkshire and the Humber are experiencing a dent in their confidence. Zoopla’s analysis also found it was one of the top regions where demand among first-time buyers had grown the least – at 4.8% in September 2020, compared with the first quarter of the year.
Property investors on the hunt for upwards trends should head North, as two separate studies have concluded that Yorkshire’s rental market is following a positive trajectory. New data from CIA Landlord released in September 2020 put Leeds in the top three most profitable cities in the UK for landlords, citing attractively low house prices and high rental values as a dream combination.
In the same month, Zoopla also published its top 10 hotspots for property investors looking for the best yields. In this study, Middlesborough in North Yorkshire took first place, with a gross rental yield of 7.7%, thanks again to the mixture of low house prices and high rental values. In fact, the portal discovered Yorkshire and the Humber was England’s second best performing region for rental yields, with an average of 5.5%.
Ones to watch:
Harrogate: this North Yorkshire town replicates the spa success seen in sister destinations Bath, Leamington and Tunbridge Wells. It remains popular as a relocation destination thanks to its handsome heritage and breathtaking scenery. Rightmove documents healthy house price rises – up 8% on the previous year to take the average house value to £350,223.
Ryedale region: staying in North Yorkshire, the region of Ryedale has been christened as the comeback king by Zoopla, having seen the strongest post-lockdown housing market recovery in the whole of the UK. House sales in the district – which include the market town of Malton, desirable village Hutton-le-Hole, Thirsk, Helmsley and Easingwold – rose 53% between May and July 2020, when compared to the same period in 2019. It’s also worth noting that The Howardian Hills Area of Outstanding Natural Beauty in Ryedale was named the best place to live in the north by The Sunday Times earlier in 2020.
Hornsea: over in the East Riding of Yorkshire, the ‘new normal’ has prompted an influx of interest, thanks to its pretty promenade, Blue Flag beach and cobweb-busting sea breeze. Owner-occupiers, property investors and second-home buyers are all scrambling over this rediscovered hidden gem, report local estate agents.
Wetherby: it is no coincidence that Leeds Football Club’s ascendancy to the Premier League has coincided with Wetherby being bestowed with the honour of Yorkshire’s most expensive market town. Research by Lloyds Bank revealed that the town’s property values are now 86% higher than the county average. Nearby Linton is also a firm favourite with Yorkshire football’s great and good, with some stunning high-value homes.
We have Viewbers poised to undertake accompanied viewings and compile property reports across Yorkshire and the Humber.
Viewbers can be booked by estate and letting agents, property investors, landlords, auction houses and individuals.