Region’s charms woo more buyers from far afield
Latest figures from Savills show that Yorkshire is a magnet for wealthy buyers from across the UK. Sharon Dale checks the numbers.
YORKSHIRE is fast becoming the county of choice for “offcummed ’uns”, according to new research by Savills.
The analysis reveals that the county’s many charms are currently attracting more wellheeled buyers from outside the region.
The study examined three price brackets and revealed that a quarter of those buying the region’s top properties, priced £500,000 and over, were from outside the county.
Seven per cent were from Greater London and 18 per cent from the rest of the UK.
In the £350,000 to £500,000 price range, 22 per cent of buyers were from outside the region with 7 per cent from Greater London. There was also an influx from the flat lands of Suffolk to Yorkshire; that accounted for 45 of sales
A quarter of those buying homes for £350,000 and under were from elsewhere in the UK and one in 20 was from Greater London.
Almost half the buyers were moving up the property ladder, while just 14 per cent were downsizing and 13 per cent were buying for investment or redevelopment.
Most, 80 per cent, were buying main residences, while 11 per cent were purchasing second homes and eight per cent bought to let.
Ben Pridden, head of residential at Savills York, says: “Our
They may have homes in the cities but they also want second homes in remote areas
research shows that buyers from London and greater London are purchasing homes across all price bands in Yorkshire.
“London is a major part of many of our buyers’ lives. A large proportion make the move North for a better lifestyle, yet keep a base in London for work in the week or as an investment. This is particularly true at the top end of the market, where a house in Yorkshire will more than likely make up part of a larger real estate portfolio. As a result, many new enquiries for houses over £1,000,000 are actually from buyers who we have dealt with before, as we may have helped them elsewhere with other property related business, be it in London, the wider UK or even through one of our international offices.”
He adds that one in ten wouldbe buyers registered with Savills York is looking for a second home. Most looking for bolt holes are based in Yorkshire and the North East.
“They may have homes in the cities but they also want a second home in the remote areas of Yorkshire. We also get people travelling from the South looking for a retreat ‘Far From the Madding Crowd’
“This is driven by York’s ease of access to the national rail and road network, and its proximity to the North York Moors National Park and the Howardian Hills area of outstanding natural beauty,”adds Mr Pridden.
More buyers are also taking advantage of the yawning price gap between property in Yorkshire and those in London and the South East.
“It is also interesting to see investment and redevelopment featuring so highly as a reason to buy,” adds Ben.
“Certainly there have been more people looking at York as a city to invest in. We have also been involved with some big country houses in need of complete refurbishment that have attracted interest from this quarter. It is a particularly tough market, with investors keen to drive a hard bargain.”
Welcome to Yorkshire’s national advertising campaigns have helped boost the county’s profile and the success of Leeds as a major financial centre has also played a major part in attracting out-of-area buyers.
However, the biggest boost to the property market could come from next year’s Grand Départ.
Between two and three million visitors are expected to flood into the area to watch the start of the Tour de France.
Tourism will be the biggest winner, of course, but estate agents expect hefty spin off benefits, especially from those who rarely venture north of Watford.
House prices here are keen and will appeal to those who work at home and others who want holiday properties in the countryside or on the coast.