Yorkshire housing market forecast from estate agents a developer plus analysts
Yorkshire saw a 4.3 per cent rise taking the average house price to £210,116, while Scotland saw the weakest annual rise in values with 2.1 per cent. The North East remains the most affordable place to buy a home with an average house price of £171,338.
Amanda Bryden, Head of Mortgages at the Halifax bank, put the figures into context by reminding us that while the typical UK property value has risen by around £13,000 over the past year, the increase is largely due to a recovery of the ground lost over the previous 12 months. Looking back two years, prices have increased by just 0.4 per cent.
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Hide AdIt is still positive news and there is more, as mortgage affordability has been easing thanks to strong wage growth and falling interest rates. This, says Amanda, has boosted confidence among potential buyers, with the number of mortgages agreed up over 40 per cent in the last year.


Speculation is that the Bank of England will announce an interest rate cut at its next Monetary Policy Meeting in November and there could be a second reduction in December. The only issue that may hamper this may be a rise in oil prices due to the tensions in the Middle East.
Simon Blyth of Simon Blyth estate agents says: “We are finding that some would-be buyers and sellers at the top end of the market have pressed the pause button and are waiting to hear what is in the government’s forthcoming Budget on October 30.
“I think that when the Budget has been announced it will be business as usual.”
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Hide AdPatrick McCutcheon, head of residential at Dacre, Son & Hartley estate agents, adds: “This year the traditionally busier autumn market appears to have started early, which follows a strong summer in Yorkshire. Mortgage rates are also heading downwards, and the choice of property is increasing, which is releasing pent-up buyer demand and encouraging more potential movers to act.
“However, the market remains cautious as it awaits further interest rate cuts and the October Budget, which means accurate pricing is key to securing a sale. There’s very little appetite amongst buyers for homes that are overpriced, so working with an experienced and knowledgeable local estate agent can make all the difference for motivated sellers.”
Over in the housebuilding sector, Paul Brown, managing director of award-winning Yorkshire based developer Vivly Living agrees that the sooner the Budget is out of the way and more certainty prevails, the better.
He too is hoping for the predicted good news on interest rates, which should help home buyers and open the flood gates to what he believe is a lot of pent up demand.
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Hide AdHe reports that business is steady for new homes on Vivly’s small to medium size developments as buyers look for energy efficiency and properties that require no work.
He adds that quality construction plus customisation have been key for Vivly,, which changed its name from Yorkshire Country Properties to allow it to diversify and look for sites outside of God’s Own County.
Allowing buyers to have some say on interior design and finishes is a route that family owned Beal Homes in Hull has also adopted with enormous success.
“Customising homes for buyers is something the large, volume housebuilders can’t offer but we can and buyers love it because it allows them to put their own stamp on a home,” says Paul who is also planning to get well ahead of government prescribed standards.
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Hide Ad“We are keen to be at the forefront and so we are looking at installing rainwater harvesting plus solar panels with battery storage in all our properties well ahead of any regulations that might come into force.
“We are also looking at installing ground floor bedroom and two bathrooms with one of them on the ground floor so it can help those who can’t climb stairs.”
Meanwhile buyers, sellers, developers and estate agents are waiting for the next Monetary Policy Committee meeting on November 7.
Savills says: “ Bank of England Governor, Andrew Bailey, has hinted interest rates could fall more quickly than economists are expecting, though the Middle East situation is a risk factor as the price of crude oil has increased, which could push up inflation.”