Since the COVID-19 pandemic hit, it has made many people reassess how they live their lives. None more so than the spaces which they currently reside in. After the strong ‘stay at home’ messaging was ingrained in our minds it left a lot of city dwellers yearning for country life.
It is, therefore, no surprise that a recent report by Savills has predicted that the rate of house price growth in Yorkshire will double that of London in the next five years. The report states that in Yorkshire and Humberside there will be a 28.2% rise, making the average property price £220,921.
While we’ve all learnt that a lot can change in the space of 12 months, let alone a year, if we were to look at the latest UK house price index it may just well suggest that this prediction isn’t in fact that far off.
The data for January 2021 shows that while Yorkshire and The Humber reported house prices were down by a monthly change of -1.4%, making the average property price £179,248, annually they were up by 8.9%. This was the second-largest annual house price growth region behind the North West.
It’s worth taking note that with current buyer demand so high, yet with fewer properties on the market, house prices are overinflated while buyers looked to save up to £15,000 on properties below the £500,000 threshold before 30th June 2021. Yet it still seems plausible for Yorkshire to continue to thrive as the nation learns to live with COVID-19 in the long term.
So, what is it about ‘God’s country’ that makes it so appealing? Firstly, Yorkshire is England’s largest county, with seven cities to choose from – giving buyers multiple options from a living/working perspective. You’ll also get more bang for your buck as house prices are considerably cheaper in the North than in the South, and in particular London, with the average property price in London currently standing at £501,320.
According to Saville’s research on Yorkshire as a region of opportunity:
• Leeds is the 4th ranked retail centre in the UK, with over 3.5 million sq ft of retail and leisure space
• Yorkshire has seen a huge 48% increase in digital tech jobs over the past three years
• Four of the five NHS national offices are based in Leeds, including NHS England
• There is 4.7 million sq ft of warehouse space available in units under 100,000 sq ft
It is clear that while Yorkshire has plenty of outdoor space to fulfil the desire for country escapism – several factors make it desirable from a working and economic point of view as well.
Time will only tell if this latest research comes to fruition, however, early indicators suggest that Yorkshire is a thriving region that could well take on the likes of the UK’s capital.