Property Market Overview – Yorkshire & Humberside

Yorkshire & Humberside Property Market

While Yorkshire and Humberside still offer incredible value when compared to property markets in the South East, several cities and towns in the region are experiencing exceptional levels of house price growth.

Property prices of houses for sale in Sheffield are rising faster than most property experts were predicting just 12 months ago. According to an article on The Star website, house prices rose by an average of four percent in Sheffield – and an astonishing 2.4 percent in the second quarter of 2015 alone. But with an average property value of just over £130,000, this huge city in South Yorkshire is one of the more affordable urban areas in England for house buying.

House prices are rising in many areas of Yorkshire, and one of the highest rises in recent months was recorded in Leeds. According to a recent article on The Mirror website, property values in Leed are now rising at a faster rate than they are in London. Using statistics from property analyst Hometrack, the article also revealed that house prices rose by an average of 6.6% in Leeds between 2014 and 2015 – taking the average property value to more than £145,000.

Somewhat surprisingly, Huddersfield has become one of the hottest property markets in Yorkshire. According to The Huddersfield Daily Examiner, the town was the UK’s second biggest climber in terms of demand for property. Between December 2014 and April 2015, demand for houses rose by an astonishing 56% – a figure bettered only by Sefton on Merseyside.

In terms of the highest house prices in Yorkshire, York and Harrogate still lead the way. According to the Mirror website, Harrogate and York feature in the top 10 most expensive areas per square metre – in areas of the UK outside the South East. The average price of property in Harrogate was £2,196 per square metre, according to figures from The Land Registry. In York, property cost £2,024 per square metre.

Although average house prices in Humberside are amongst the lowest in Britain, there are signs that things are improving for homeowners. The Hull Daily Mail recently reported that house prices in Hull and East Riding rose by 3.2 percent during the year to September 2015. It seems that rising employment levels and growing wages are responsible for this growth. Beverley has experienced even higher house price growth during the last 12 months, and more rises are expected over the course of the next five years.