Yorkshire and Humberside is one of the few places in the country where average property prices remain below £150,000. With prices soaring across the country, this figure has been very tempting for potential homeowners having difficulty getting on the property ladder elsewhere.
1. The statistics
- Average price of a property in Yorkshire and Humberside: £145,372
- Monthly change: 1.9%
- Annual change: 8.9%
2. The outlook
- Regional divide
There is a significant North-West divide in Yorkshire and Humberside, with property prices in places such as York, Hambleton and Harrogate rising at a more significant rate than in Bradford, Calderdale and Wakefield. To the east, the city of Kingston-upon-Hull is the cheapest place to buy, with average prices at just under £100,000.
- Slower increases
Unrelenting price increases are having an effect on first-time buyer affordability. However, Yorkshire and Humberside has experienced the slowest increase in the country, with exception of the Midlands. This is one of the reasons why this region has seen a 3% increase in inwards migration.
- Key workers
Around 50% of key workers can afford to buy property in Yorkshire and Humberside, with Mexborough in South Yorkshire ranked ninth in a recent list of places most affordable for key workers.
3. Place to watch
Holbeck in Leeds is on the edge of the city centre and is currently under development. It is set to be an up and coming area and is emerging as a popular location for young affluents.
The housing market by region
Useful links
- Recent property sales - see what's sold in Coventry
- Average property prices - examine local trends in Coventry
- Find a property - look for your new home in Coventry
- Property valuation reports - get an instant home valuation for £19.95
Average price, annual % change
- Barnsley: £111,895, +4.9%
- Bradford: £123,291, +9.5%
- Calderdale: £115,300, +9.6%
- Doncaster: £118,941, +6.9%
- East Riding of Yorkshire: £154,006, +6.9%
- Kingston upon Hull: £87,562, +10.4%
- Kirklees: £134,950, +6.7%
- Leeds: £153,681, +7.1%
- North Yorkshire: £194,636, +7.8%
- Rotherham: £119,289, +5.1%
- Sheffield: £138,279, +9.6%
- South Yorkshire: £125,475, +7.2%
- Wakefield: £132,762, +6.9%
- West Yorkshire: £137,070, +8.3%
- York: £193,510, +9.1%
Source: Land Registry, May 2007
Your comments (4)
Ryan Anderton (Leeds), on 16/11/2007 at 11:00
KR, I'm not a property investor but do work on behalf of many as a Homefinder and it's not them that are causing the constant increase in house prices it's the EA's. As an ex-estate agent I know that when we went in to value a property we would look at the current prices and then add a % to it to accomodate for inflation, the inflation I and other EA's intended to create by pushing up prices. The higher the property price the better the commission. The only way to combat this is cut out the EA's sell property privately or again as a property finder us an expert who will drive the price of the properties down again by negotiating aggressively on your behalf as a buyer. It's time we took the property power away from the estate agent and give all buyer the opportunity to get on the property ladder and then stay there.
I must also add though that when you own a property you will want prices to increase.
DAVID (East Riding of Yorkshire), on 07/11/2007 at 19:37
Would you have ever got on the housing ladder in the first place without a man to keep you in the first place?
Kimber (East Riding of Yorkshire), on 03/08/2007 at 17:23
I agree with KR - I divorced after 32 years of paying mortgages on 5 houses that we moved into thru the years. I could never afford to pay a mortgage on my own - so I rented for 5 years - I was earning £700 a month and the rent alone was £525, council tax £80, electricity, gas, water, contents ins, food, tv licence, internet about £250 - so I was living above my means and paying thru my savings!!!! There should be a special tax refund for women like me - who paid mortgages, get discarded, and never again have a hope in hell of starting a mortgage or owning a property on their own!!!!
KR (Rotherham), on 05/07/2007 at 09:49
Income multiples are now so way out of sync with house prices that its highly probable that some correction in house prices will happen. Landlords buying multiple properties are driving prices up for the local people and this will fuel resentment particularly with first time buyers. In my area I see loads of properties to let or for sale with no takers which to my mind is saying something is going to happen soon.
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