Yorkshire and the Humber
Growth in the private housing market, and high employment rates are driving property prices in Yorkshire and the Humber; the region is expecting a 3.6% average price increase by 2021.
This is the 10th highest increase across 12 UK regions.
Predicted Property Hotspots
The largest county in England, Yorkshire and the Humber offers everything from seaside towns like Scarborough and Whitby and the industrial ports of Hull and Grimsby, to the cities of Leeds, Sheffield and York, as well as stunning landscapes in the moors and dales.
The largest upwards increase in average house prices is expected to occur in the following four districts:
- Harrogate in North Yorkshire
- Selby in North Yorkshire
- Craven in North Yorkshire
- Hambleton in North Yorkshire
A key indicator of housing demand and the resulting rises in prices is residential property rates. Harrogate has experienced a high rate of growth in private housing market rental levels in recent years, indicating the likelihood of increasing demand for property in the area. Hambleton is another district also enjoying strong housing market rental levels.
Harrogate has one of the highest current employment rates of any local authority area in the region (84.7%). This means that average household incomes in the region are particularly strong, which fuels the pressure for house price increases. Selby and Hambleton also have strong employment rates at 87.2% and 85.1% respectively.
As well as employment rate, looking at employment growth helps to predict which areas will see above average house price increases. The Craven district is expected to experience one of the highest levels of short to medium term employment growth (1%) in the region over the 2017-2021 period, which has helped place it in the top four Yorkshire and Humberside property hotspots.
- Investors in the North East and Yorkshire & Humber own three properties on average. The average total value of a property portfolio in the region is £759,469
- Across all UK respondents, more than one in 10 (12%) own property/properties in these regions. Half (48%) of these properties are being used for rental income
- A third (34%) of respondents from Yorkshire and Humber and the North East are planning to buy new property/ properties in the next three to five years
- They are modest about their investment prospects – investors in Yorkshire & the Humber expect the average value of the property / properties they own to increase by 6.9% over the next three to five years (compared to a national average of 8.0%).
The Barclays UK Property Predictor reveals the areas across the UK where house prices and rental incomes are expected to rise. The research uses factors such as rental trends, employment levels and commuter behaviours, as well as a survey of high net worth individuals to understand where and why they plan to buy in the future.
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