House prices in North Yorkshire have increased by 22.8% over the last 10 years, according to new research.
A study by The Search Partnership, which tracks property prices in six areas in the county, found that the trend was consistent with areas such as London and the Home Counties.
The research analyses the average price paid per square foot, as recorded by the Land Registry, in Boroughbridge, Harrogate, Thirsk, Wetherby, Ripon and Bedale.
Toby Milbank, director at The Search Partnership, said the increase was on average about 2.28% per year. Mr Milbank said the company expected to see high market activity as the lockdown eases. He said:
“At the end of the last lockdown, we saw frenetic activity in the housing and land markets.
“With the roadmap to the end of the current lockdown coinciding with the Spring and Summer market, we are expecting a similar period of high activity. Buyers currently have very low levels of stock to choose from and are cash rich, with little else to spend their savings on.
“Banks are offering 90% and even 95% mortgages, which will fuel the lower end of the market in particular. As a result of these factors, we are predicting higher rates of price growth than in previous years and an increase in average house prices of 3% to 4% in 2021 seems likely.”
Research by The Search Partnership includes properties in Harrogate, Ripon and Boroughbridge.
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David Waddington, director of land and new homes at Linley and Simpson, said quality of life and rural areas was among the key factors for people buying property in the county.
He said:
“North Yorkshire has retained an affluence that is more indicative to the south than the north.
“Harrogate itself has retained a strong appeal for those wanting everything on their doorstep.”
Mr Waddington said the HG3 postcode in Harrogate was a popular location. He added that a lot of buyers moving to Yorkshire were from the south of England.
