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The price of housing across the UK experienced a period of growth despite the result of the European Referendum in the summer of 2016. With house prices gaining momentum despite market jitters after the Brexit vote no other area’s property market has benefited as much as Yorkshire’s.
The levels achieved by the House Price Index were actually at their highest levels since March of last year and are a result of a drop in the supply of properties available on the market.
Experts remain wary of the growth however, but that has not slowed the flow of people upping sticks in the south and moving to settle in Northern towns such as Harrogate in Yorkshire.
The Yorkshire Property Market Vs the South
It is no secret that there has been a growing divide between towns and cities in the south and those in the North despite the government’s best efforts to bring regenerative efforts in the latter. As properties continue to rise steadily due to a shortage of homes on the market, one area that is bucking this trend is Yorkshire.
Parts of Yorkshire have become so desirable to live in that many people are now happy to brave commuting to London for the privilege, according to industry experts the Open Property Group.
In Yorkshire, the most sought after areas include Washburn Valley and Harrogate which are popular with retirees, young professionals, and those with families.
The attraction of Towns in Yorkshire includes good school catchment areas, great transport links to not only Leeds and Bradford, but to London as well. The Yorkshire property market has been on the up over the last 12 months as more and more people realise that the area is a great place to live and housing there costs much less than it does in the capital.
Predictions for the Upcoming Months
As house prices in London and the south in general continue to rise, the trend of people moving out of the big city to outlying areas will only increase. This has fuelled a growth in the number of people buying homes in good areas across the UK as more people take advantage of better value for their money and modern transport links.
Currently, York is one of the go-to towns and cities for property hunters which has benefited house prices in the area. Housing experts also predict that as demand for properties in urban areas outstrips supply and prices rise, the focus will turn to homes in villages and rural countryside as well.
The property market remained lively throughout 2016 but as mentioned above this was due to a shortage of new instructions coming to the market. Analysts remained worried about the effects of the Brexit vote when the UK eventually leaves the EU and so the outlook remains rather pessimistic. However, the phenomenon of families and professionals moving north has become so common that areas such as York and Harrogate are now referred to as ‘Little London’s’.
In light of that, the trend being seen in Northern counties such as Yorkshire is surely set to continue in the near future.
Written by Emma Grant on behalf of Open Property Group