Doncaster and Huddersfield saw greatest house price growth for Yorkshire in 2021, Zoopla findings show

The value of homes has risen at a greater pace across Yorkshire and Humber than in many parts of the country, following a surge in buyer demand and as competition intensified.

Nationwide, the average price of buying a home is up 7.1 per cent - or £16,000 - Zoopla has found, while Yorkshire has seen even starker annual comparisons with a 7.9 per cent increase.

In Huddersfield house prices rose 8.4 per cent over the past year, the findings show, while in Doncaster price growth topped a considerable 9.2per cent.

Zoopla’s head of research, Gráinne Gilmore, said the region’s price growth is tracking ahead of the national average, with the expectation being of more to come.

This has been a “record year” for the market, she said, fuelled by the stamp duty holiday and a pandemic-led ‘search for space’, leading to the greatest sales since before the financial crisis.

“However such a busy market eroded the number of homes available to buy, as properties were being snapped up so quickly,” she added.

“This imbalance between demand and supply has put upwards pressure on prices.”

A year like no other

Experts, writing for The Yorkshire Post’s Property Post on Saturday, spoke of a “year like no other” for the region through 2021, citing reports of estate agents “swamped” with buyers seeking country living over the rigours of city life, while housebuilders “couldn’t build quick enough”.

Almost every region has seen price increases in 2021 greater than the previous two years combined, Zoopla reports today, with London and Scotland being the only exceptions. Wales saw the greatest interest, with buyers searching for a coastal idyll, sparking a 13.2 per cent house price rise in Carmarthenshire.

Zoopla’s new House Price Index (HPI) for November now shows the market value of the average home has risen to £240,800 nationwide.

Buyer demand surged some 15 per cent in 2021, peaking in June when more people moved into a new home than in any month since 2005. when records began.

At the same time the availability of homes for sale was down 33.2 per cent, creating an “intense competition” that fuelled house price growth.

Value

Ms Gilmore said that while the value of homes rose £16,000 on average this year, millions of homeowners will have seen an even larger uplift. This means more equity, which may “spur” a move for many in 2022.

Last year property searches more than doubled after Christmas Day and, while the market slows in the festive season, experts predict a seasonal bounce back in line with historic trends.

For the coming year, Zoopla suggested, house prices are expected to rise at a “more moderate pace” of three per cent nationwide, while in Yorkshire that figure is expected to be four per cent.

A survey published by Rightmove on Friday, meanwhile, found that Yorkshire had “bucked the trend” for a slight fall in asking prices in the run-up to Christmas - with a 0.3 per cent monthly rise.

Property experts do believe though that some of the edge may be taken off sellers’ pricing power as buyers’ affordability is stretched, and as previously hesitant sellers ready for a New Year move.

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