Kim Harrison, Head of Residential, talks us through the continuing demand in the North of England property market.
“The North of England has, in our mind, always been the jewel in the crown. With the contrast of rolling hills and miles of sandy beach and its proximity to efficient transport links to outlying cities and the capital it makes for the ideal country living location.
We have seen major press coverage for the region in the past few months and the secret is now well and truly out. Country Living named Hexham as the Happiest Place to Live, in April the Times & Sunday Times placed both Tynemouth and Morpeth as some of the Best Places To live In the UK and Rightmove named Alnwick in the top 10 of their Hotspot League Table.
The average price of a property coming to market in the UK rose again in April and is now at its highest ever level, according to Rightmove. The latest monthly snapshot of the UK housing market shows that asking prices for properties coming to market were 4.7% higher than a year ago, the fourth consecutive monthly record. The average house price in Northumberland alone rose by 10.6% in the year to March, according to latest figures from the Office for National Statistics.
Rental yields are also on the rise with landlords in the North East of England experiencing an average yield of 6.2%, one of the highest in the country according to further research by Rightmove. The data shows a 10% year on year increase with average rental asking prices reaching £732pcm, a 2% increase on last quarter. Yorkshire regions show a slightly higher year on year increase of 11.2% to £848pcm and an average yield of 5.7%. Both regions offering good returns for investors who want to get in now.
Overall, we are finding that despite the current economic uncertainty, created by the cost-of-living crisis and the war in Ukraine being at the forefront of people’s minds, the North of England is likely to see a continued strong property market throughout 2022.”
Kim is a qualified member of the National Association of Estate Agents (NAEA). She is an experienced estate agent having worked for youngsRPS for over 10 years, starting out as a sales negotiator before progressing to Head of Residential.