Property Investment UK, a property consultancy, have released figures showing that the property market in Yorkshire this year should be strong for both buyers and sellers.
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What did they find?
The data looked at Yorkshire postcodes over 12 months to see house price growth. It looked at towns and cities overall in terms of speed of the market and house price increases, and also at a more granular level so it can analyse how different postcodes in an area are performing.
Which area of Yorkshire saw the largest changes in house values?
The area where home owners saw the largest increase in house values was Harrogate. The average property price here increased a large percentage of 3.47% to a relatively high average house value of £357,583.
What about the alternative, which area in Yorkshire saw the smallest increase in average house prices? Doncaster actually saw a drop in prices to an average of £164,730. Therefore Doncaster has continued to be a buyers' market, meaning buyers have the upper hand with the lower selling prices.
Where is it easiest to sell?
It's easier to sell in a faster moving market, where homes sell and are bought quickly.
The market is fastest in York, where homes are on the market at an average of just 70 days. On the other side of the spectrum, Halifax properties are the slowest to sell, where they take on average 178 days.
Director of Property Investment UK, Robert Jones, has said "Looking ahead in 2020, Harrogate has the largest year-on-year value improvement, but its high property prices may be off-putting for first-time buyers and investors alike."
"York, on the other hand, seems set for steady growth, while buyers looking at Halifax should really do their research since some areas perform outstandingly well compared to others."
A closer look at some cities
At the bottom of the list for house price growth, Doncaster still does well in terms of speed of the market.
As previously mentioned, homes in York sell the fastest in Yorkshire. House prices are also steadily increasing across all areas of York.
After the uncertainty of the general election in December 2019, the market appears to be picking up which should help York further.
In terms of increasing speed to sell properties, Halifax is performing best as on average in 2019 properties sold 16 days faster than in 2018.
Overall they do take longer to sell in Halifax, but this is an overall for the area. If we look at postcodes, HX2 has seen price rises of over 5%, but HX1 has seen just 1.57%.
If we look at LS9, Leeds, it has the best performance if we take all aspects into account. It boasted a powerful average value growth of 3.4% and properties selling in 75 days as an average.
LS9 has an average property price of just £120,026 and with the boost of fast sales, it could be ideal for sellers and buyers.
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