Sales remain brisk as demand continues
The market is busier than in any year since 2007. In the first nine months of 2021, HMRC estimate that more than 1.2 million homes changed hands, 47% higher than the long-term UK average (2010–2019) and just 50,000 fewer than the same period in 2007. On average, there is now only 2.2 months’ worth of stock available in the UK, compared to four months’ stock in 2019 (TwentyCi).
Selby, Harrogate and Ryedale are the most active housing markets in the North East, and Yorkshire and the Humber. The average annual rate of housing stock turnover in the area as a whole is 4.1%.
On the up
The average price of a property has increased significantly during the past year, many localities experiencing double-digit annual price growth. Agents anticipate price growth will moderate over the coming months to more sustainable levels, with predicted growth of 2.5% in the North East and 3.0% in Yorkshire and the Humber during 2022 (Zoopla). According to Dataloft, the annual increase in the average property price in the North East is £17,500, with the average property price in Yorkshire and the Humber up by £15,000.
COP26 focused attention on the environment and energy efficiency. An Energy Performance Certificate (EPC) is needed whenever a property is built, sold, or rented. While 90% of new build properties achieve the highest A or B rating, just 1 in 14 resale properties currently reach that grade, although 60% could with improvements. Upgrading could prove lucrative; resale properties rated A/B currently attract a 13% price premium (based on £psf), compared to those properties with the average D rating1.
Properties for sale in the North East region of the UK
Leeds, West Yorkshire, 6 bedrooms
'Dilkoosha' is a stunning six-bedroom Victorian end terrace property, which retains many of its period features, including high ceilings, original fireplaces, quarry tiled floors, traditional bay windows with sliding sashes, and original Victorian mouldings. This property, which is steeped in history and romance, was built in circa 1884 by the Gascoigne family of Lotherton Hall. The current owners have expertly created a fusion of period features and contemporary touches throughout, which allows the property to remain sympathetic to the era, but with a contemporary twist.
Great Lumley, Durham, 5 bedrooms
The Old Methodist Chapel is a stunning period property, which originates from the early 1800s and has been completely renovated and refurbished in recent years by the current owners. The property has many period features and has been enhanced with a light and modern interior. It offers flexible and well thought out accommodation, set over three floors, to suit a wide range of buyers.
Pontefract, West Yorkshire, 5 bedrooms
A rare opportunity to purchase a piece of Pontefract’s history, Dandy Mill Farm consists of a Victorian farmhouse, an adjacent cottage, traditional outbuildings and the unique landmark of the Dandy Mill itself. The property is arranged within a courtyard with parking for multiple vehicles and is set in extensive grounds including a paddock with outline planning permission for two dwellings.
As property prices continue to rise and the UK hits a record number of sales for autumn, sell your property with experts in the property industry this winter. Contact your local Guild Member today.