The residential housing market in the North of England has been experiencing a notable upswing since the start of the year, with key indicators pointing towards positive growth and increased demand compared to January 2023.
This trend is particularly evident in the data collated by our residential teams in both North Yorkshire and Northumberland. We delve into the statistics to understand the factors contributing to this improvement.
Seller/Vendor Confidence
As the market gradually rebounds, sellers are finding renewed assurance in the market. One of the key metrics reflecting the positive momentum is the substantial increase in the total number of properties instructed. In Northumberland, there has been a commendable surge of 25%, highlighting a growing confidence among property owners in the region. Even more astonishing is the phenomenal 111% rise in North Yorkshire, indicating a significant uptick in property transactions and a renewed interest in the North as a desirable residential location.
A Wider Audience
The rise in viewings attended is another noteworthy aspect of the market’s improvement. Our Northumberland team experienced a 21% increase in the number of viewings attended, signalling heightened interest from potential buyers. North Yorkshire, however, has seen a remarkable 98% rush in viewings attended, showcasing a robust demand for properties in the area. These numbers reflect a shift in buyer behaviour, with more individuals actively exploring the housing market.
Diverse Property Portfolio
The diversity of available properties in the North of England contributes to the market’s resilience and appeal. Both youngsRPS North Yorkshire and Northumberland offer a diverse portfolio, ranging from traditional homes to modern apartments, catering to a broad spectrum of buyer preferences. This diversity is crucial in attracting a wide range of prospective homeowners and investors.
Sales Completed
Perhaps the most compelling evidence of the North’s strengthening housing market lies in the impressive growth in completed sales. Northumberland has witnessed a commendable 13% increase in sales completed, indicating that not only are more properties being listed, but a higher proportion of them are successfully making it to the hands of new homeowners. North Yorkshire, however, steals the spotlight with a remarkable 50% swell in sales completed, showcasing a remarkable turnaround and a flourishing property market.
Factors Driving the Recovery
Economic easing fed by falling interest rates, although still elevated compared to historic lows experienced in recent years, a foretold end to the energy price hikes, and increased employment opportunities in the region have instilled confidence among buyers and sellers alike.
The recent House Price Index published by Halifax affirms a 1.3% rise in house prices in January, a very reassuring fourth consecutive rise in a row, with an annual rise of 2.5% nationally. Yorkshire & The Humber and the North East both show healthy increases in house prices of 2.8% and 2.0% respectively.
In addition, the attractive landscapes, coupled with more affordable housing options compared to other parts of the country, make the North an increasingly desirable destination for those looking to settle down. As people increasingly prioritize quality of life and work-life balance, the North’s residential housing market appears to be aligning perfectly with these evolving preferences.
On The Rise?
The statistics offer a compelling narrative of a resurgent residential housing market in the North of England. The notable increases in total properties instructed, viewings attended, and sales completed underscore a newfound vibrancy in the property landscape.
As the North continues to outperform expectations, it positions itself as a strong contender in the competitive housing market. With a positive trajectory marked by significant growth in key indicators, the North of England is proving to be not just a region on the rise but a compelling and attractive destination for prospective homeowners.
William Thornton, Head of Residential Agency concludes: “We have certainly seen a reassuring increase in confidence with buyers making a tentative return to the market. More prospective buyers are likely still monitoring news coming from the Bank of England in the hopes of further lower interest rates and in turn more affordable mortgage deals. Nonetheless, the current momentum suggests that the North’s housing market is presenting a very promising outlook.”
*Statistics taken from youngsRPS and Halifax House Price Index January 2024
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