Huddersfield, a town in West Yorkshire, is witnessing a remarkable surge in house prices. According to estate agent Rob Assi, homes with modern and stylish decor, like a two-bedroom house in the village of Golcar near Huddersfield, are particularly in demand. This trend is exemplified by the experience of Anna Potocki and Toni Haigh, featured in The Guardian, who bought their home for £127,000 in 2011. Now, over a decade later, the value of their house has skyrocketed, with an estimated selling price between £190,000 and £200,000.
A Leader in UK’s Property Market
A report by Halifax reveals that Huddersfield’s property market has grown faster than any other UK town in the year leading up to October 2023, with an impressive 8.7% increase. This growth narrowly surpasses that of Bradford, another West Yorkshire town, which saw an 8.5% rise. Meanwhile, Scotland’s Falkirk follows with a 6% increase. In stark contrast, areas like Stoke-on-Trent and Perth experienced significant declines in property values.
Pandemic Aftereffects and Market Dynamics
The pandemic has played a crucial role in this boom. The lockdown-induced craving for more space and greener surroundings has driven many city dwellers to places like Huddersfield. Government incentives such as the stamp duty holiday further fueled the market, leading to a trend where properties often sold above the asking price, sometimes receiving up to 30 offers.
However, this trend saw a dip in 2021, mirroring national patterns, as rising interest rates discouraged potential buyers. Despite this, Huddersfield’s average property price continued to climb, increasing by about £22,000 in the last year alone.
Huddersfield’s Appeal
Darren Harley, a sales manager at Harron Homes, attributes Huddersfield’s popularity to its value for money. The town is conveniently located within a “green triangle” near Leeds, Manchester, and Sheffield, offering both vibrant nightlife and tranquil countryside. The town’s appeal is enhanced by its efficient train links, although these are sometimes hindered by delays and cancellations.
Changing Work Patterns and Housing Preferences
The shift towards hybrid working patterns has also impacted the housing market. Many, like Toni Haigh who works in Leeds, now split their time between office and home, increasing the demand for houses with space for home offices. Martin Thornton, a local estate agent, notes that buyers are particular about their choice of location, favoring scenic outskirts like Holmfirth and Slaithwaite.
Investment in Huddersfield’s Future
Significant investments are being made in Huddersfield’s town center, totaling £1bn. This includes a range of projects from a new town park to university building expansions and rail upgrades, signaling a bright future for the town.
Broader Regional Optimism
The property market boom may also reflect a wider sense of optimism in West Yorkshire. Leeds boasts the highest advertised salaries outside London, Bradford is set to be the City of Culture in 2025, and neighboring Calderdale is hosting a year of culture, following Leeds’s festival in 2023.
A Realistic View of the Market
Despite the optimistic reports, Thornton expresses caution, suggesting that the market over the last six months may not be as robust as it appears. He points out a noticeable lack of buyers and a saturated rental market, indicating a need for stability in interest rates and banking to restore confidence in the property market.