Yorkshire property market remains buoyant amid “exceptional” regeneration projects

Despite widespread stagnation and a marked cooling off of activity and value growth engulfing the UK property market, the County of Yorkshire has remained ‘buoyant’.

International off-plan property consultancy LH1 Global attributes this trend to the growth of key towns and cities in the region. The largest county in the UK, Yorkshire is home to eight cities, with the City of York recording the strongest property price rises in 2022, with values increasing by 23.1 per cent, or £69,648 on average.

This is closely followed by Leeds, which has undergone an “incredible transformation” over the past decade, with value growth of 15.3 per cent since December 2021, which is in contrast to average price rises of 9 per cent countrywide over the past 12 months.

The historic region, famous for its rolling hills and dales, as well as the production of tea and steel, has not been immune to the current market difficulties, with average asking prices across the county dropping by 2.1 per cent in 2023.

However, overall asking price growth is still up 7.1 per cent over the past 12 months, whilst leading property portal Rightmove has recorded an 11 per cent increase in home searches in Yorkshire compared to 2022.

Positive news for investors and landlords is that the rental market is also one of the best performing in the UK, with factors present across the country, such as lack of stock, are pushing rental values up.

Rental values are increasing fastest in the largest UK cities with student populations, of which there are many in Yorkshire, including Sheffield, which recorded a 12.4 per cent year-on-year increase. Rents in Leeds are up by 11%, whilst York and Hull recorded increases of 6.5 per cent.

Rayna Hunter, CEO of LH1 Global commented: “Analysis and consideration of the UK property market typically tends to focus on the major cities of London, Manchester and Birmingham, however, Yorkshire has the largest concentration of major cities than any other county.

“We have seen exceptional regeneration projects transform places such as Leeds, Sheffield, Bradford, Halifax and York and when you compare the market performance across the county to other areas then it is a no-brainer for investors to consider these fantastic locations.

“The current and future projected price growth across Yorkshire means that there is going to be a lot of activity here in the coming years, especially with some fantastic new developments in the pipeline.”

By Matthew Neville – Senior Correspondent, Bdaily

• Add me on LinkedIn and Twitter to keep up to date
• And follow Bdaily on Facebook, Twitter and LinkedIn
• Submit press releases to editor@bdaily.co.uk for consideration.

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →