House prices reach record high in Yorkshire cities
New data from the Land Registry has shown house prices in Sheffield are now sitting at an all-time high.
Continuing investment in the city and demand from developers has caused house prices to increase from £152,735 to £154,125, an annual rise of 3.03%. Often hailed as a popular buy to let hotspot thanks to its large student population, it’s affordable but growing house prices have continued to attract investors to the city centre for a number of years.
It’s not only Sheffield that’s performing well, as other regions of South Yorkshire are seeing growth too. Barnsley, Rotherham and Doncaster have all seen a boost to house prices, as the strong returns and capital growth potential have continued to drive demand.
Barnsley saw the most impressive house price increase of all the regions, with a 6.3% increase in 2017, bringing the average price per property to £117,570. This was followed by Rotherham with a 2.4% rise and Doncaster with a 1.6% growth in property prices.
Graham Davidson, managing director at Sequre Property Investment, comments on the continued strength across the Yorkshire property market:
“A healthy amount of new investment to South Yorkshire has had a promising effect on house prices as the report shows, which is great news for investors who are looking to reap the benefits of capital growth. New developments and a growing economy will also naturally attract higher levels of tenant demand too, so buy to let investors really are getting an all-rounder by choosing to purchase buy to let property in this area.”
“Having seen the phenomenal growth northern cities such as Manchester have experienced, it’s clear there is a pattern emerging among other strong northern areas too. What could be known as “The Manchester Effect” is clearly spreading across several regions as people continue to move away from the struggling London market and look to other UK cities which remain affordable to the majority but still offer the same cosmopolitan lifestyle. A strong shift in focus thanks to the Northern Powerhouse initiative has really shone a spotlight on these areas that are tipped for growing future investments.”
Looking for a hands-off property investment? Contact Sequre today to find out more about how we can help you on your buy to let journey. We specialise in sourcing properties that are already tenanted and in the best locations for rental yields across the UK. Our team can help you find a buy to let that suits any size budget and generate an income from day one. To find out more, call us on 0800 011 2277.