Why Is The Yorkshire Property Market So Strong?
The Yorkshire property market has been on fire recently, with surging house prices, strong demand and there doesn’t seem to be any loss of appetite currently. So how did all this interest suddenly come to Yorkshire and what’s really going on?
The brave new world
During lockdown v3.0 earlier this year, people began planning ahead for what was going to be the brave new world. 9 to 5 jobs, daily commuting, being close to the head office were quickly cast aside, as buyers quickly changed their priorities to be centred around family life and associated lifestyle.
Whilst this philosophy had always been gently simmering for the last several years, it took the pandemic for companies to realise that they could have a fully functioning remote workforce and offer their staff the flexible working they had been pushing for. Equally they could now make substantial associated savings, which would prove beneficial when looking at slightly more uncertain times. A win-win situation you might say.
The lockdown provided time for people to stop, think and prioritise what they really wanted and as such, the property market remained relatively active during this time. As we exited lockdown, from day one, the market very quickly got straight back up to speed. Sellers and buyers were keen to make it happen and to create their new lives.
Stamp Duty Land Tax holiday
The Chancellor then had what he felt a eureka moment about offering an SDLT holiday. Despite calls from the property industry saying not to do it as it would create other problems (and wasn’t required from the Yorkshire perspective), he proceeded. This sent an already strong market into intergalactic warp-drive. Never has the Yorkshire property market in my experience of 19 years performed at such an astonishing pace.
The new property hotspot
Overlaying this, the Yorkshire property market then grabbed the attention of the international buyers – either those who wanted to ‘come back home’ from abroad, or investors who saw a new property hotspot emerging and where yields were more favourable than the south. Leeds being back in the football premiership also helped their thinking.
London and Home County based buyers also relocated to the area and the north-south price differential has been quickly closing.
The media obsession with our county then accelerated, with newspapers waxing lyrical about the lifestyle on offer and the television bosses offering up endless programmes with Yorkshire based themes, not to mention the Bank of England having an office in Leeds, Channel 4 and the BBC changing head offices – the list goes on…
The stars have well and truly aligned for the Yorkshire property market – rarely has it been more fast paced. This is the start of our journey and make sure you’re part of it!