Leeds now has the highest average price for £1 million-plus homes in Yorkshire

The average price of £1 million-plus residential property sales last year across Yorkshire was £1,450,863 further boosting demand for advice on potential inheritance tax issues, new analysis from Investec Wealth & Investment shows .The wealth manager’s analysis of the most recent Land Registry data for Yorkshire shows that in 2022 nearly four in five (78%) of all property sales valued at £1 million-plus were detached houses.

By Sharon Dale

Published 2nd Apr 2023, 09:00 BST

Semi-detached houses accounted for 14% of £1 million-plus sales, followed by terraced houses which made up 8% of sales.

Leeds dominated the high-end residential property market in Yorkshire based on the average value of sales. Homeowners in Leeds paid an average of £1,574,072 for £1 million-plus properties in 2022, the highest of any other area in the region, including Harrogate which saw the highest volume of sales but an average price of £1,463,672.

Investec Wealth & Investment is seeing a rise in clients who are downsizing on strategies to manage potential inheritance tax issues as a result of gains from selling their properties. T

Leeds sees the highest average price for £1 million-plus homes in Yorkshire

ypically, they include parents and grandparents seeking advice on gifting money to family. Government data for the 2021/22 tax year shows IHT receipts hit an all-time high of £6.1 billion – a 14% rise on the previous year.

Across Yorkshire detached houses attracted the highest average price of all £1 million-plus properties at £1.51 million, followed by semi-detached at £1.234 million and terraced at £1.231 million, Investec Wealth & Investment’s analysis of the most recent Land Registry data for England and Wales found.

Around 40% of the £1 million-plus sales last year were in London and homebuyers in the capital paid the highest average price out of the ten areas with the largest number of sales. Richmond, Bristol, St Albans and Reading made the top five in total number of sales while Richmond, Leatherhead, Sevenoaks and Guildford made the top five on average prices out of the ten areas with the largest number of sales.