Yorkshirefolk lead the way when it comes to long-term financial planning: Amir Bayram
Yorkshire has a reputation for being disciplined when it comes to money matters. At Brown Shipley over the past six years, we’ve completed an annual survey of wealthy individuals from across the UK on their financial plans and actions, and Yorkshire is consistently one of the UK’s most forward‑thinking regions when it comes to long‑term wealth planning.
Our latest survey shows that Yorkshire‘s wealthy are, once again, among the most financially responsive in the UK, second only to London, as they act decisively amid shifting tax policy and economic uncertainty.
As announced in the recent Autumn Budget, many wealthy homeowners now face exposure to the proposed Mansion Tax. In response to this, our research found that over a third (37 per cent) of those in the region said they were more likely to downsize – markedly higher than the national figure of just 23 per cent. We see this not as panic, but as pragmatism – a hallmark that, I believe, is part of the Yorkshire mindset.
This also comes through clearly in the conversations we have with clients across the region.
When it comes to their planning, nearly half (46 per cent) say they plan to gift money earlier in response to changes in inheritance tax, ahead of the UK average of 40 per cent. But for many, this isn’t just a tactical financial decision, it is an emotional one.
I regularly speak with clients who would prefer to support their children and grandchildren now, instead of waiting until later in life, particularly with the added risk of future tax changes that could affect their plans. Yes, policy changes are prompting action, but they’re also sparking meaningful conversations around values, legacy and fairness.
Concerns around wealth preservation are also notably higher in Yorkshire. More than two fifths (43 per cent) of wealthy individuals in the region are concerned about the impact of shifting tax policy on their ability to maintain long-term wealth.
This reflects the same risk management instincts I often see among the region’s entrepreneurs, who understand that long-term financial security comes not from reacting to pressure, but from anticipating it.
That mindset increasingly shapes personal wealth decisions as well. We continue to see movement within personal asset portfolios.
Compared to other parts of the UK, a greater proportion of wealthy individuals in Yorkshire (13 per cent) have already reduced their residential property holdings in favour of diversifying into other assets – part of a deliberate strategy to build financial resilience. This contrasts with only 5 per cent in Scotland, the East Midlands and West Midlands, 10 per cent in Wales and 11 per cent in London.
This is all needed now more than ever. The UK is entering a period defined by higher taxes, ongoing policy adjustments and persistent market volatility. For many households, the combination of a challenging November Budget and wider geopolitical tensions has made the future feel less predictable.
In times like these, I find myself repeating the same message more often than ever: early preparation is not just good planning - it is peace of mind. In Yorkshire, that principle continues to guide some of the most prudent financial decisionmaking in the country.
Amir Bayram is Team Leader and Client Advisor at Brown Shipley in Leeds.