A region renowned for its rural beauty, the Yorkshire and Humberside offers The Dales and The Peaks National Parks, the Lincoln Wolds, quaint market towns and beautiful coastal areas. Historic York is a popular university town and tourist hub.
The main cities of Sheffield, Leeds and Hull are fighting back against long-term deprivation and are undergoing regeneration. Leeds, in particular, has attracted commercial interest, new development, particularly in the residential sector, branded hotels, restaurants and Harvey Nichols to its centre.
Coastal resorts, such as Scarborough and Whitby do well from tourism in summer and have a comfortably well-off population, often retired and drawn in from other affluent areas. Lincolnshire has pretty but often forgotten coastal areas, highly rural with market towns and villages.
Hull is a busy transport and manufacturing hub with several big multinational firms, its own communications network, a growing university and large areas are being regenerated to offer new mixed-use developments.
Types of property
Central Leeds offers mainly one- and two-bedroom apartments with average prices at around £185,000. However, houses start at £45,000 for something in a poor state or an unpopular location. Lots of property is available for under £200,000, with nice bungalows and four-bedroom detached homes costing £270,000.
Sheffield has a high number of new-build apartments with average prices of £125,000. Much of the property is of a very high standard, with prices starting at £62,000 for flats or small houses. Good size terraces start from £135,000, with large detached houses selling for £320,000.
Hull offers lots of older flats from just £45,000, and terraces priced from £62,000 to £100,000 - with standard semis costing an average of £112,000.
York has one-bedroom homes available from £95,000, but expect to pay £125,000 for a small terraced house. Property in suburbs and surrounding villages costs from £250,000, rising to over £400,000 for something roomier or historic, with large, rural property priced at over £800,000.
Scarborough offers lots of period property for an average price of £146,000, with four- and five-bedroom houses available for under £200,000. Average prices in North Lincolnshire are around £134,000 on average, with flats costing from around £80,000 and three-bedroom homes from around £110,000.
Investment potential
House prices here have increased by eight per cent in the last year. The main focus has been areas that are attractive to the upper and middle class buyer, such as the villages and smaller towns such as Harrogate or Ilkley. In these areas the market will probably remain strong. Though prices in Yorkshire offer property at around 20 per cent lower than the south-east, there has been a trend for southern buyers moving north and pushing up prices.
Yorkshire has a large number of wealthy residents and some of the most popular and affluent areas lie between Leeds and Sheffield. Property in these locations hold their value well. Knight Frank reports that Leeds city centre has large numbers of new apartment blocks and several further large-scale developments planned, however, despite growth of 111 per cent for the six years to 2006, prices are predicted to remain fairly static over the next year or so. One positive aspect is that Leeds has the highest student growth of any city in the region, offering buy-to-let possibilities at the cheaper end of the rental market.
Over half the buyers in Sheffield are investors purchasing in the hope of good long-term capital returns. This interest may be due to the fact that Sheffield is one of the most affordable locations, with prices up to 20 per cent lower than other cities in the region.
Hull has one of the lowest priced property markets and returns are therefore often better in comparison to other city locations, with reported yields of six to ten per cent. A large student population also keeps the buy-to-let market here healthy.
Popular buying locations
Moortown, Chapel Allerton and Alwoodly are popular suburbs of Leeds, while Clarence Dock and Brewery Wharf attract urban dwellers. Villages in the national parks are popular with buyers who want to escape the cities.
Harrogate is possibly the most sought-after address in the area as well as some parts of York, which have increased in price by 6.8 per cent in the past year. The area between Leeds, Harrogate and York is referred to as The Golden Triangle due to demand from wealthy buyers. However, areas of North Lincolnshire have also seen rises of over six per cent this year.
Resorts of Robin Hood's Bay and Whitby are popular with monied investors with prices from around £200,000 for large terraces and cottages.
Up-and-coming areas
Regeneration of areas of Leeds is bringing in a young, vibrant population and new attractions include Granary Wharf and Criterion Place waterside developments. In addition, the new Holbeck Urban Village will offer new homes to over 2,000 buyers and is likely to prove popular because of its sustainable ethos.
Scarborough is being rediscovered by buyers seeking cheaper alternatives to the south coast or west country. A programme of renovation to some waterfront areas and a new cultural centre is underway.
With thanks to BuyAssociation.
