While areas like the Cotswolds, Ascot and Sevenoaks have risen in popularity, the latest figures show that asking prices in Yorkshire and The Humber have risen by more than any other region since the market re-opened and suggests that some buyers are prepared to go further afield for better value as they strike a new work/life balance.
According to data from OnTheMarket, the average asking price for a two-bedroom flat in Yorkshire rose 10% to £153,354 in the week beginning 28 September from £139,404 in the week starting 18 May. For three-bedroom houses, Yorkshire also experienced the biggest rise over the same period, increasing 8.4% to £186,045.
A change in asking price does not necessarily show that underlying prices have moved but the fact Yorkshire tops the table for flats and houses by such a clear margin is a trend worth noting.
Emma Hodgson, head of sales at Knight Frank’s Harrogate office, comments: “The market has been so buoyant due to a huge influx of demand from the south of the country. Whereas the south-west of the country has a pull as a tourist destination, many buyers are coming to Yorkshire due to family connections.”
Half of all buyers she is dealing with are from the south compared to less than a third this time last year, she said.
While many buyers have responded to a period of lockdown by looking for more outdoor space, others have brought forward plans to re-locate due to uncertainty over the size and scope of any second wave of Covid-19. It will be one of several drivers of activity in coming months, as we explore in more detail here.
The appeal of Yorkshire will also have been boosted by its relative value versus other parts of the country. An average price in July of £171,325 compared to £325,734 in the south-east and £263,353 in the south-west.
Asking prices for two-bedroom flats in London fell by 4% over the same period, which was the weakest performance for the property types analysed.
While it underlines how buyers in the capital are looking for more space, a rise in the asking price of three-bedroom houses in London demonstrates the story is more nuanced than one of buyers leaving London.
