The future is bright, the future is Yorkshire
Despite the cold, it’s that time of year to strip down and get out there what one thinks will happen in the property market over the course of 2022.
The last two years in the Yorkshire market have been nothing short of astonishing, with ferocious competition and everything taking place at supersonic speeds.
While we are only the second proper working week back in the New Year, I feel the signs remain positive and 2022 will be another strong year.
In contrast, the Domesday merchants peddling their “burst bubble” philosophies, regularly state that the raucous pace in the market was simply down to The Chancellor’s Stamp Duty tax break.
If this were the case, then they would probably have a point. However, unlike other parts of the country, the tax incentive wasn’t the sole reason for Yorkshire’s success.
You see, our market has been solidly building momentum over the last five to 10 years and we have been at the forefront in the minds of those looking to balance work and family lifestyles to better effect, whilst having more access to outside space and maintaining connections to the major UK (and international) cities.
In a post-Covid world, these points have immediately become more important and the way we live our lives has changed in an instant – I doubt we will sadly ever fully go back to the way things were.
Yorkshire was already performing well in what was perceived as an emerging market, so when it came to capitalising on this new way of life, we were already ahead of the pack.
The interest our county is now securing an inpouring of investment that is quite something. I am personally seeing those relocate back to Yorkshire from international quarters, plus those from London and the Home Counties.
Overlaid with this, we also already had a strong local market. As such, demand for properties in key and accessible locations has soared. Switch on the television or look in the media and everything seems to be about Yorkshire – it’s an obsession.
What we do know is that Covid is here to stay. Whilst one could say this could have a negative effect on the market, history has actually proven that this has further fuelled interest and house prices in our region, as buyers look for a different lifestyle.
The current shortage of supply in the market, has also pushed prices up. Whilst interest rates increased in December from their all time low of 0.1 per cent – the current rate of 0.25 per cent is still comparatively very low, making borrowing cheap.
In addition, we have the ongoing dialogue about the Government’s ‘‘levelling up programme’’. Should this, of course, materialise, then it can only ever be a good thing.
Overall, the signs look positive for the market ahead. While the pace of the last few years will be hard to match, I feel that price appreciation across the county will be more steady and will continue in an upward direction.
From a buyer’s perspective it will, of course, all come down to how proceedable you are and if you can offer any flexibility on your timeframes.
Hold on to your seats
Yorkshire, the future is looking very positive.
■ Alex Goldstein is an independent bespoke property consultant working both in Yorkshire and London. You can contact him via www. alexgoldstein.co.uk. Tel: 01423 788377.