Yorkshire landowners have decision to make as region's property market booms

Phoebe Clark, Senior Associate at leading property consultancy Fisher German, explores how this growth could shape Yorkshire landowner strategies in the medium term.

“Yorkshire is rapidly becoming a hotspot for property investors and developers.

“The UK housing market has shown remarkable resilience, with some banks reporting slight month-on-month increases in house prices. However, with stamp duty changes on the horizon, buyers are already seeking more affordable areas.

“This is where Yorkshire comes into play. Generally, house prices in the region are lower than the south, which has spiked demand compared to other areas of the UK and is therefore driving prices up.

“House prices in some of its major towns and cities, such as Bradford, Barnsley, and Doncaster, have risen by more than 11 per cent, far more than the UK average. Further data from the ONS suggests that homes in northern England, including Yorkshire, should appreciate significantly faster over the next five years than similar homes in the south.

“Additionally, planned investment in Yorkshire, such as a terminal extension at Leeds Bradford Airport and the potential re-opening of the South Yorkshire Airport City in Doncaster, and the job creation that comes with these projects, all adds to the appetite to invest.

“The key question for Yorkshire landowners is how to respond to this increased demand.

“We anticipate that land values will rise alongside house price rises and infrastructure developments. More developers will be eager to build in the area, and investors will be keen to put their capital into property assets in Yorkshire, driving up demand for land.

“Recent changes to the NPPF have also increased pressure on local authorities in the region to meet the government’s housebuilding targets, prompting them to seek new development sites.

“Yorkshire, with its particularly high mandatory targets in the revised plan, is no exception.

“Now more than ever, Yorkshire landowners should begin to consider their land holdings and any development potential.”