The past few years have been like no other. The pandemic has upended lives in many ways, and the housing market is no exception. Last year saw huge changes in the market, with prices rising rapidly in some areas and falling in others. So what can we expect from the housing market in Yorkshire in 2022?
The Current State of the Yorkshire Housing Market
The Yorkshire housing market has seen some big changes over the past year. According to the annual North Yorkshire House Price Index, prices in the region have risen by an average of 7.9% over the past 12 months. This is a significant increase from the 5.4% rise seen in 2020.
The average price of a home in Yorkshire is now £212,712, which is a new record for the region. The biggest price increases have been seen in Richmond, where prices have risen by 20.3% from the last year as of May 2022.
Forecasted Trends for the Yorkshire Housing Market in 2022
The Yorkshire housing market is predicted to rise in the next 12 months, with prices forecast to rise by an average of 4.5%. The prices are expected to rise by 18.8% in the next five years, making it one of the UK’s most promising real estate markets.
Post-pandemic, there is an expected increase in the number of people moving to Yorkshire from London as they look for more affordable housing options outside the city. This is likely to lead to an increase in prices in the region.
The current state of the Yorkshire housing market is strong, with prices predicted to continue to rise in the next 12 months. The influx of buyers from London will likely drive up prices in the region. The market is expected to be especially promising for those looking to invest in the next five years, as prices are forecasted to rise significantly.
Factors That Could Impact the Yorkshire Housing Market in 2022:
A few potential factors could impact the Yorkshire housing market in 2022. The first is Brexit. While the UK has now left the EU, there is still a lot of uncertainty surrounding the future relationship between the two. This could lead to a slowdown in the economy, which could impact the housing market.
Another factor is interest rates. The Bank of England recently increased interest rates to meet its inflation target. This could make it more expensive for people to get mortgages, which could impact the housing market. However, the bank said that they are not expecting to raise interest rates until 2023 at the earliest. However, if inflation rises faster than expected, they may be forced to raise rates again sooner. This could impact affordability and demand in the housing market.
However, despite these potential factors, the Yorkshire housing market is still expected to perform well in the next 12 months. This is due to several factors, including strong employment growth and low mortgage rates. So, while some risks may be on the horizon, the market is still expected to be strong.
How To Prepare for These Changes if You’re Thinking of Buying or Selling a Property in Yorkshire
If you’re considering buying or selling a property in Yorkshire, it’s important to be aware of these trends and predictions. If you’re looking to buy, it may be worth considering doing so now, as prices are expected to continue to rise. However, it’s important to be aware of the potential risks on the horizon, such as Brexit and interest rates.
If you’re looking to sell, it’s also worth considering doing so, as you may be able to get a good price for your property with the current market conditions.
Enlist the help of an experienced and reputable conveyancing solicitor, as they will help you navigate the process and guide you through any potential risks. AVRillo residential property solicitors in Yorkshire have a wealth of experience in helping people buy and sell property in the region and can offer you expert advice on preparing for these changes.
Conclusion
With prices predicted to rise significantly in the next five years, now is a good time to buy or sell a property in Yorkshire. In 2022, the market is expected to be strong, with prices continuing to rise. If you’re thinking of buying or selling a property in the region, now is a good time to do so. Contact AVRillo residential property solicitors in Yorkshire for help and advice on how to get the best deal on your property transaction.