Property Gold: Why is the Yorkshire property market so strong?

Property Gold is a monthly column written by independent property consultant, Alex Goldstein. With more than 17 years’ experience, Alex helps his clients to buy and sell residential property in some of the most desirable locations in Yorkshire and beyond. This month, Alex explains why the Yorkshire property market is so strong. 

The Yorkshire market has been on fire recently, with surging house prices, strong demand and there doesn’t seem to be any loss of appetite currently. So how did all this interest suddenly come to Yorkshire and what’s really going on?

During lockdown v3.0 earlier this year, people began planning ahead for what was going to be the brave new world. 9 to 5 jobs, daily commuting, being close to the head office were quickly cast aside, as buyers quickly changed their priorities to be centred around family life and associated lifestyle.

Whilst this philosophy had always been gently simmering for the last several years, it took the pandemic for companies to realise that they could have a fully functioning remote workforce and offer their staff the flexible working they had been pushing for. Equally they could now make substantial associated savings, which would prove beneficial when looking at slightly more uncertain times. A win-win situation you might say.

The lockdown provided time for people to stop, think and prioritise what they really wanted and as such, the property market remained relatively active during this time. As we exited lockdown, from day one, the market very quickly got straight back up to speed. Sellers and buyers were keen to make it happen and to create their new lives.

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The Chancellor then had what he felt a eureka moment about offering an SDLT holiday. Despite calls from the property industry saying not to do it as it would create other problems (and wasn’t required from the Yorkshire perspective), he proceeded. This sent an already strong market into intergalactic warp-drive. Never, in my 19-years of experience, has the market performed at such an astonishing pace.

Overlaying this, Yorkshire then grabbed the attention of the international buyers – either those who wanted to ‘come back home’ from abroad, or investors who saw a new property hotspot emerging and where yields were more favourable than the south. Leeds being back in the football premiership also helped their thinking.

London and home county based buyers also relocated to the area and the north-south price differential has been quickly closing.

The media obsession with our county then accelerated, with newspapers waxing lyrical about the lifestyle on offer and the television bosses offering up endless programmes with Yorkshire based themes, not to mention the Bank of England having an office in Leeds, Channel 4 and the BBC changing head offices, the list goes on…

The stars have well and truly aligned for Yorkshire – rarely has it been more fast paced. This is the start of our journey and time make sure you’re part of it!

If you have any comments or questions for Alex, please feel free to contact him on alex@alexgoldstein.co.uk

Property Gold: What next for the phenomenal Yorkshire property market?

Property Gold is a monthly column written by independent property consultant, Alex Goldstein. With more than 17 years’ experience, Alex helps his clients to buy and sell residential property in some of the most desirable locations in Yorkshire and beyond. This month, Alex discusses buoyant Yorkshire property market – and what might happen next. 

There have been moments nothing short of insanity in the Yorkshire market recently, with exceptionally high prices being achieved, sealed bids, jaw-dropping competition and no let up.

As we exited the lockdown earlier in the year, the market very quickly (and as predicted) got instantly back up to speed. We then had the Chancellor’s ‘brain wave’ of overlaying a SDLT holiday – sending market activity through the roof. I have never experienced anything like it during my 19 years in the industry.

However, whilst the SDLT break provided a sharp shock to the market, the pace wasn’t just down to this. A positive from Covid (yes there are some!), was that it forced buyers to really analyse what they wanted. Companies realised that they could make substantial staff savings by having a remote workforce, family-work balance became more prominent and those in the cities realised they could be based further away from the office. As a result, Yorkshire has taken advantage.

Whilst we always had a strong local market, we now have large amounts of money being poured into the area from those relocating from London and the Home Counties, but also those based internationally. As I write, I have clients based in Singapore, the US and France – they are all Yorkshire ex-pats looking to ‘come home’ having been couped up in city environments.

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So with all this recent activity, what do I think the market landscape looks like into the near future? Most importantly, myself and no one I have spoken with is predicting a price crash or correction. I have long said that the gap between the North and South was closing and this is proof. The prices we have seen, now provide a new benchmark for the area and I feel that we will now see a steady and reassured step forward onwards from this.

Currently there is a shortage of stock in the market, however this is down to the school holidays and people quite understandably wanting a break. Come early September I feel the market will be back on and whilst not at the same raucous pace, the outlook only looks positive.

However, in order to secure your next home, everything comes down to your buying position – and being ‘Under Offer’ doesn’t have the same clout it once did. With legals and banks taking ever longer, vendors and estate agents are shying away from the associated risk and delays, to opt for buyers that are ready to go. The only question you need to ask yourself is when you are going to join the foray.

It’s an exciting time to be in the Yorkshire property market and this is the start of the wave!

If you have any comments or questions for Alex, please feel free to contact him on alex@alexgoldstein.co.uk