House prices in this Yorkshire market town and the surrounding area have boomed.
Sharon Dale reports on the rise of Bedale.
Prices of detached houses in Bedale and its surrounding villages soared by 21.1 per cent last year, which was far higher than any other part of North Yorkshire, according to a newly-released house price index.
Property buying agency The Search Partnership has analysed the average price paid per square foot recorded by the Land Registry throughout six key areas of North Yorkshire and says that values in the market town have boomed.
Toby Milbank, a director of The Search Partnership, says: “It’s the second year in a row that the Bedale area has seen the highest levels of growth. In 2016, prices rose by 17.1 per cent.
“The Bedale bypass was completed in August of that year, so we were expecting a significant uplift, but it is surprising to see how prices have continued to soar in 2017.”
He believes that the completion of the A1 upgrading scheme may be the main reason for the rise in prices. The section between Leeming and Barton has been widened from two lanes to a three-lane motorway, enabling faster journey times to Leeds, Harrogate and York.
Ripon and its surrounding villages have experienced the next biggest house price increase of 11.1 per cent, with Thirsk and its satellite villages seeing a rise of 8.6 per cent. Boroughbridge showed a decrease of 1.8 per cent.
Toby says: “The waste recovery park at Allerton Park may have held back prices in the Boroughbridge area over the last two years. Added to this is the uncertainty over the proposed large scale residential developments at Green Hammerton, Cattal and Flaxby, making buyers opt for properties in more rural areas, where fewer new houses are proposed.
“Historically, Thirsk, Ripon and Bedale have been between 10 per cent and 15 per cent cheaper than the Boroughbridge area, but this gap has closed, with all four areas now showing very similar price per square foot sales prices.”
The Search Partnership Index confirms that the lure of Harrogate remains strong with average prices in the spa town rising by 8.3 per cent.
Toby says: “After two years of minimal growth, the prime areas of Harrogate surveyed, which include the popular roads in the Duchy area and Beech Grove, have performed well again, and this was the most valuable area of North Yorkshire with detached houses selling for an average of £379,000.”
In total, 12,459 houses were sold in North Yorkshire during 2017 which is an increase of 109 from 2016.
Search Partnership director Tom Robinson explains: “This demonstrates that transaction numbers are maintaining a sustainable rate. Stock levels remain low but the number of houses changing hands remains steady.”
Toby concludes: “Our index is based on actual prices paid, rather than guide prices or advertised prices, so it’s a really accurate barometer of the local market as well as a great way to pinpoint how specific locations are performing in North Yorkshire.
“Despite the positive increases in the majority of areas analysed, stamp duty increases have had more of an impact on prices than anyone expected, and with uncertainties surrounding Brexit and the regular threats of interest rate rises, we are predicting a more modest price growth of one per cent for North Yorkshire in 2018.”
Those buying into areas come from far and wide in search of market towns, rural life and good transport links.
Since launching three years ago, 14 per cent of The Search Partnership’s clients have come from abroad, 18 per cent from the south of England, 29 per cent from London and 39 per cent from the north of England.
Toby says: “Contrary to what people may think, a lot of people who engage our services already live and work in Yorkshire. They have normally been living in rented accommodation for six months or more and simply can’t find the right place to move to with such low stock levels.
“Privacy is one of the main things that the majority of our clients seek, they don’t want to be overlooked by neighbours, and a quiet area with no noise from roads, rail and airports is also very high on the list of priorities. Being located on the edge of a village in a peaceful location, but still being able to be involved in village life, with access to a shop, church and pub is the ideal for most of our clients.”
For those who want to buy into Bedale and the surrounding area, the least expensive property on the market at the moment is a one-bedroom cottage in the town for £90,000 for sale with Norman F. Brown. Those with deeper pockets will find a Georgian House in Aiskew at £800,000, for sale with Joplings.
Amenities in the town include a leisure centre and swimming pool, pubs, cafes, independent shops and good schools. The drive from Bedale to Leeds and York via the A1 takes about an hour.
*www.thesearchpartnership.co.uk or call 01423 324716.