Yorkshire’s strong property market is expected to be characterised by its diversity in 2020, with opportunities for both buyers and sellers, according to the latest figures from Property Investment UK.
The property consultancy evaluated postcodes across the region for the past 12 months. It found homeowners in Harrogate saw the value of their properties grow the most in this period, rising by 3.47% to an average price of £357,583, while Doncaster remained a buyers’ market with prices dipping slightly to an average of £164,730.
Regarding ease-of-sales, the demand of properties in York is high, with houses on the market for an average of just 70 days at a time, while homes in Halifax, West Yorkshire, are slow to budge, taking 178 days to sell on average.
Robert Jones, director of Property Investment UK, comments: “Looking ahead in 2020, Harrogate has the largest year-on-year value improvement, but its high property prices may be off-putting for first-time buyers and investors alike.”
“York, on the other hand, seems set for steady growth, while buyers looking at Halifax should really do their research since some areas perform outstandingly well compared to others.”
While this town currently sits lowest for regional growth, the area still performed well with its speed of property sales.
Many postcodes are witnessing an increase in the average time taken to sell, however, indicating early signs that 2020 may be another flat market for sellers.
Quick sales in York are showing signs of an active property market, while prices show stable and steady increases across all postcodes.
With the general election settled and general buyer sentiment returning to the UK property market as a whole, these are good signs for the York property market.
The minster town is seeing the greatest year-on-year improvement on speed, taking 16 days quicker to sell compared to 2018.
While houses here may take longer to sell overall, the HX2 postcode district has seen prices rise by 5.04%, while the value of HX1 properties has risen by 1.57%.
A look at LS9
Leeds’ LS9 postcode showed the best all-around performance in 2019 with a strong current average value growth of 3.4% and properties taking only 75 days to sell on average.
With the improving trend of fast sales, and an average property price of £120,026, LS9 is proving to be the ideal location for sellers, homebuyers and investors alike.
To view property prices and sales in Yorkshire, along with an in-depth analysis of the local and regional market, click here.