It’s no secret that the UK is a nation obsessed with the property market, and not only are they obsessed with the property market but there also seems to be a constant argument regarding the North and the South.
While the southern Property market is leaps and bounds ahead of the North in terms of Average price, with Brexit, an uncertain future and massive regeneration in the North; 2017 may be the year the gap narrows.
Indeed, right now to domestic and foreign investors, the cities that are showing the most promise for the new year are Hull, Manchester, Leeds and Sheffield.
In November 2016, the average price of a property in the UK was approximately £217,928 making the annual price change stand at 6.7%, with the month price change at 1.1%.
Despite being the slowest growing -The Yorkshire and the Humber region saw the lowest increase in the country with an annual price change of 5.1% – there are many positive signs for Yorkshire’s waterfront city.
With Hull undergoing huge redevelopment as part of their city of culture year, the city offers excellent value for money for graduates looking to get on the Property Ladder with a very healthy buy to let market should they stick around long term.
Costing an average of £152,418, homes in Hull are indeed very affordable and in plentiful supply. Noticing the City was on the rise many years ago, Strata Homes redeveloped the former Hull City Stadium to great effect. With more regeneration projects planned in the region, Hull is definitely one to look out for this year.
Looking further in land at Leeds, there are several new developments in place such as The 53 Calls and Kirkstall Forge, whilst Headingley also looks to be restored. The government have offered assurance in many new development schemes and this will help to stabilise those promising markets.
The likes of south west Sheffield rarely follow downward trends in terms of the property market due to the thriving schools, luscious landscapes and booming bars and restaurants. And that seems to be the case for Yorkshire’s new hotspots which are said to place large focus on employment, schools and transport links which undoubtedly influence new buyers.
Elsewhere in the North, the Manchester market is also prospering. The average property price in the North West stands at £150,249, an annual price change of 5.2%.
Salford was one borough that saw a major increase with value rising at 3.08%. The Manchester property market has hit a 12-year high in terms of its fastest rate of price growth and experts have predicted that this year, the city will overtake Bristol to become the city with the highest price growth in Britain.