Forget London and Manchester, it’s Yorkshire stealing the show for property investors!
Since December 2021, when the Bank of England started raising interest rates, the average UK house price has risen by a respectable 7%, reaching £288,120. However, some cities are absolutely booming, and Yorkshire is leading the charge.
Sheffield takes the crown, boasting a whopping 12.7% surge in house prices, hitting an average of £216,934. Not far behind is Bradford, with a 10.3% jump to £174,930. And rounding out the Yorkshire trifecta is Leeds, enjoying a 10% rise to reach an average of £231,743.
These figures make Yorkshire a goldmine for property investors seeking the best returns. But why Yorkshire?
Jason Ferrando, CEO of easyMoney, a peer-to-peer real estate investment platform, explains that smart investors know that when one city slows down, another one heats up. With the market cooling in traditional hotspots like Manchester, those in the know have shifted their focus to Yorkshire’s promising potential.
But it’s not just Yorkshire feeling the heat! Other cities basking in above-average growth include:
- Newcastle: 9.9%
- Leicester: 9.5%
- Bristol: 9.4%
- Edinburgh: 9.1%
- Cardiff: 8.8%
- Glasgow: 8.7%
- Nottingham: 8.5%
- Liverpool: 7.7%
However, the picture isn’t all rosy. Some major cities are lagging behind:
- London: A mere 2.3% growth
- Manchester: Also stuck at 2.3%
- Brighton: A modest 4.5%
- Birmingham: A slightly better 5.4%
The takeaway? Don’t put all your eggs in one basket! Diversifying your property portfolio across different regions can help you weather market fluctuations and maximise your returns. As Ferrando points out, keeping an eye on the national market trends, as well as individual local markets, is key for any successful property investor. So, while London and Manchester might be the usual suspects, it’s clear that Yorkshire is the place to be right now!