Yorkshire records highest house price rise in the UK
Yorkshire and Humber topped the table with the UK’s highest annual house price rises, according to the latest Land Registry report.
While the average price increase was 7.6 per cent in the year to November 2020, both Yorkshire and Humber and London saw values soar to 9.7 per cent. The lowest annual growth was in the East of England, where prices increased by 4.8 per cent.
The monthly data reveals that average UK prices rose by 1.2 per cent between October and November 2020 with Yorkshire recording 1.9 per cent, the third highest increase. London had the biggest rise with four per cent and the North East the second highest with 2.6 per cent gain.
The remarkable renaissance of the UK housing market after it reopened in May last year is also born out in the Land Registry’s transactions statistics, which showed that in November 2020, on a seasonally adjusted basis, the estimated number of sales of residential properties with a value of £40,000 or greater was 115,190. This is 19.3 per cent higher than a year ago. Between October and November 2020, UK transactions increased by 8.6 per cent.
The average UK house price is £249,633 and the average house price in Yorkshire is £180,856, which makes this the third least expensive region just behind the North West and North East.
Estate agent Simon Blyth, who has branches of his eponymous agency in West and South Yorkshire, says he is not surprised by the price hike in God’s own county. While increased demand from existing homeowners within Yorkshire looking to move has helped push up prices, Mr Blyth believes an influx of buyers from outside the region has also been a major factor.
He says: “People are realising what we have in Yorkshire and are looking to relocate here. Homes here offer great value for money compared to many other areas and we have beautiful coast and countryside. Wherever you live you are never far from fields and that is what a lot of people moving here are looking for. Yorkshire is also very accessible thanks to great transport links and it has a very broad range of industries.”