"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"
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%, 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% since December 2021, which is in contrast to average price rises of 9% countrywide over the past 12 months.
However, the region has not been immune to the current market difficulties, with average asking prices across the county dropping by 2.1% in 20232. Despite this, overall asking price growth is still up 7.1% over the past 12 months, with Rightmove recording an 11% increase in home searches in Yorkshire compared to 20223.
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, 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% year-on-year increase. Rents in Leeds are up by 11%, whilst York and Hull recorded increases of 6.5%4.
Typically, investors from overseas opted for the London market, due to its position as one of the most popular cities in the world, however, there has been a migration to regional cities in recent years, with Yorkshire recording a 250% increase in enquiries from those based outside of the county since the beginning of the pandemic in 20205.
Rayna Hunter, CEO of LH1 Global commented: “Analysis and consideration of the UK property market typically tend 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.”
