By Sophie Oyston, Trainee Solicitor
New research by Barclays Wealth and Investments, the Barclays UK Property Predictor, has predicted that UK house prices will rise by more than 6% during the course of the next five years, bringing the average house value to £290,714. The current average house price is £274,000.
Barclays looked at employment levels, rental trends, commuter behaviors, current house prices and various other factors in order to create an index of hotspots. They also surveyed high net worth investors from all over the UK in order to reveal where and why they plan to purchase their future properties.
It is predicted that house prices in Yorkshire will rise by an average of 3.6%, with Harrogate forecast to see the region’s largest house price increase at 13.3%. Barclays found that Harrogate has one of the strongest current employment rates in the region, 84.7%, signifying steady household incomes. Harrogate has also experienced a high growth rate in private housing market rental levels in recent years, indicating demand for property in the area is on the increase.
Selby and Craven hold the second and third place for fastest growing Yorkshire property hotspots, with Barclays predicting average price increases of 12.3% and 11% respectively.
The Yorkshire Regional Director of Barclays Wealth and Investments, Martin Cuthbert, stated: “There are already many reasons to live in Yorkshire and the Humber, from its friendly folk and fields of green, to boasting this year’s City of Culture, Hull. This research shows that it also offers great property investment opportunities”.
Cuthbert also added: “The economic growth forecasts show solid potential for the housing market to expand, and high net worth individuals are recognising the region’s attractiveness.”
Barclays’ findings suggest that despite current economic and political uncertainty, the property market is set to soar.
Disclaimer: The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice, and the law may have changed since this article was published. Readers should not act on the basis of the information included and should take appropriate professional advice on their own particular circumstances.