Regional Property Market Update Autumn 2020: North East and Yorkshire

Posted on: Tuesday, October 27, 2020

It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 6.2% and 5.8% respectively, the gross yield on residential property across the North East and Yorkshire are attractive.

In the North East and Yorkshire, gross yields in six areas are upwards of 6%; Newcastle upon Tyne, Hartlepool, and Leeds are the current top performers.

Average gross yields on residential property are attractive, with positive rental and house price growth

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Most active housing markets across the North East and Yorkshire region

Property prices in the North East were 1.7% higher year-on-year and 3.3% across Yorkshire and the Humber as the housing market reopened in June. Activity across the market has been brisk; nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Homes in the North East and Yorkshire are selling, on average, 10–13 days quicker than a year ago.

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Properties for sale in the North East and Yorkshire region

Northallerton, North Yorkshire, 4 bedrooms

The Granary is a substantial barn conversion in the quiet and rural hamlet of Gatenby with uninterrupted views over open countryside. This home was designed and converted in 2003, benefitting from contemporary design, whilst retaining many of its original period features, including exposed beams and brickwork. This accommodation is bright and airy throughout and enjoys an enclosed patio courtyard with adjacent gardens and an additional larger garden area which is mainly laid to lawn with a decked patio area.

Hexham, Northumberland, 4 bedrooms

West Cantray is one of just two recently constructed detached family homes, offering modern living, beautifully proportioned rooms, including two reception rooms with lofty ceilings and exposed beams, and noteworthy features, including an impressive oak staircase. From the spacious family dining area, bi-folding doors open onto verandas, overlooking unique gardens enclosed by rock faces, and uninterrupted countryside views.

Leeds, West Yorkshire, 4 bedrooms

This elegant four-bedroom Victorian terrace has been lovingly maintained and modernised by the current owners who have been careful to retain many beautiful original features. The property is full of character and charm and features high ceilings with deep original mouldings, deep skirting boards, original stained-glass panels to the entrance lobby and stripped pine doors in all rooms. The house also has many modern features with a modern dining/kitchen complete with quartz work surfaces and a contemporary bathroom with a large walk-in shower enclosure.