Yorkshire is the county where everything is Big with a capital B – big scenery, big skies, big personalities and big puddings …. Yorkshire puddings of course. But one thing that isn’t big about Yorkshire is the property prices. Yorkshire – including the big cities of Leeds, Bradford, Sheffield and Hull – has some of the lowest house prices in the UK. And low prices mean big potential for property investors looking to invest.
One of the main attractions of investing in Yorkshire, or anywhere in the north for that matter, is cheap property. While the average house price in the UK is £251,233 right now, in Yorkshire and the Humber it is just £ £161,314.
This newspaper report says that one Yorkshire city has some of the cheapest property in the whole country. You can invest here with as little as £13,000.
Yorkshire – or Yorkshire and the Humber as it is known for statistical purposes – is made up of the counties of West Yorkshire, South Yorkshire, East Yorkshire and North Yorkshire (England’s biggest county). It has a total population of around 5.3 million, so the Yorkshire property market is as big as the county.
Although Yorkshire is known for its quiet, rural Yorkshire Dales and moors Yorkshire is actually a key industrial and commercial powerhouse too. The Yorkshire economy is worth £110 billion per year – twice the size of Wales and bigger than 11 countries of the European Union.
Yorkshire’s combination of low property prices and strong rents offers property investors big yields. Even the lowest yields in Yorkshire are around 4% and some locations offer up to 10.5%.
Yorkshire is one of the largest student centres in the whole UK. There are around 180,000 students at Yorkshire universities. Leeds, Bradford, Sheffield, Huddersfield, York and Hull all offer opportunities for student property investors.
Yorkshire is not just a cheap property hotspot. It offers great potential for the value of your property investment to rise, longer-term. While many parts of the UK are seeing stagnant houses prices this report says that, according to data from PropCast, just over two-thirds of the Yorkshire region will see house prices rise in the coming months.
This official report from the Office for National Statistics or ONS says that Yorkshire and the Humber was the English region with the highest annual house price growth in the year to July. House prices rose by 3.2%.
Yorkshire offers strong letting demand and good prospects for landlords and investors. This press report says that one in five people in Yorkshire rent a home, and it quotes a local letting expert who says that the continuing imbalance between high demand and low supply means rising rents will be a feature of the Yorkshire property market in future.
This Yorkshire Post report says that rents in Yorkshire rose faster than almost anywhere else last year – by a healthy 2.8%.
Totally Money says that Yorkshire is one of the best buy to let areas for property investors in the entire country. Investors can earn an average 5.9% yield on their money across the board.