North Yorkshire Property Report: Q1 2019

24 Apr 2019 - Peter

The best way to improve your returns on a property is to have access to the latest property data. This data helps identify areas under development, in decline or with sudden changes in values.

Report

However, processing and understanding all this data can take hours. So, we’ve gone ahead and crunched the numbers to highlight opportunities in North Yorkshire for property investment.

Before we begin, our data was sourced from public sector information licensed under the Open Government Licence v3.0., specifically Land Registry Price Paid Data 1995-2018.

Winners and Losers:

Prices paid have grown as compared to 2018 in the following areas:

  • Richmondshire - up 7.2% with 765 properties sold
  • Selby - up 5.5% with 1923 properties sold
  • York - up 3.9% with 3328 properties sold

Prices have fallen as compared to 2018 in the following areas:

  • Harrogate - down 3.7% with 2861 properties sold
  • Middlesborough - down 1.5% with 2093 properties sold
  • Hambleton - down 0.6% with 1505

From this data, there are several opportunities:

Winner - Selby: Selby is an exciting area with property prices below the North Yorkshire average at £180k. Buyer interest is strong, with an increase in property transaction volume of 4.3%. Plans are under discussion for rail connection improvements, with new services and trains direct to Leeds and York planned.

Runner Up - York: York is a popular area for students, young professionals and families, but has significant differences between postcodes.

Postcode Graph The percentage change in transaction volume over the last 12 months for York postcodes (YOX XXX)

Potential York investors should be consider:

  • New builds are making older properties difficult to sell. New build transactions increased 258% in YO1, whereas transaction volume from older properties fell 34% in the same area. Investors should watch for upcoming developments and consider the impact on their properties. For example, the upcoming York Central development in YO26 will have a similar impact.
  • Some areas are seeing reductions in transaction volume in older properties, suggesting reduced buyer interest (YO24 and YO23). However, some areas are seeing significant growth in older property sales, such as Heworth (YO30 up 17.5%).

Invest in North Yorkshire

Overall, we believe North Yorkshire will continue to see significant growth in property values as a whole.

Employment Opportunities: There is commercial interest in the area, with Channel 4, Google, HMRC, Sky and more providing new job opportunities - all within commutable distance of North Yorkshire. Add tourism business from events such as The Tour de France, Tour de Yorkshire, UCI World Championships and employment prospects for Yorkshire look strong.

Escape the City: 60,000 Londoners bought homes outside the city in 2018 and spent an average of £424,610 on their new home, which is 1.6 times more than a buyer from elsewhere. These buyers, typically families, choose Yorkshire 12% of the time, attracted by short train journeys London, excellent schools and improved quality of life.

Conclusion

If you have any questions, or just need some advice, get in touch. We’re always happy to have a chat. When you’ve got your property sorted, remember Tenancy Stream. Rather than speaking to tenants and handling maintenance issues, let us do it for you for £30 p/month - then get back to finding your next property!

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