House prices to shoot up in Yorkshire

Published: Friday 6th November 2015 by The News Editor

Comments (0)

Yorkshire and the Humber will see house prices rise significantly over the next 5 years, according to a new report.

Estate agent Savills predicts property values across the region will increase by over 14% by the end of 2020, as the economic recovery spreads geographically rather than sticking exclusively to London and the South East.

It means buyers would have to typically fork out £166,359 for a home, up from £145,673 at present.

Prices will rise by an average of 17% across the UK over the same period, predicts the report, ranging from a 21.6% increase in the South East of England to a 12% rise in the North East of England.

But Savills claims the pace of house price growth will ultimately depend on how quickly interest rates increase. It says the slower interest rates rise, the more capacity there is for house prices to go up.

How well cities such as Manchester and Birmingham perform economically will also have an influence. The estate agent adds their performances will have a knock-on effect on the surrounding property markets.

Annual house sales nationwide will reach 1.3 million by 2020, up from just over 1.2 million this year, but still well short of the pre-recession level of 1.7 million as people struggle to save a large enough deposit to buy a home.

Copyright Press Association 2015

Published: Friday 6th November 2015 by The News Editor

Comments (0)

Local business search