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House prices in Yorkshire rocket by 80 per cent

House prices in Yorkshire have rocketed by more than 80 per cent over the past decade, a new report has revealed.

The value of the average property has jumped from £89,118 in 2002 to £161,396 in 2012 – one of the biggest increases in the UK and well above the 72 per cent national average.

Over the last ten years, the North of England, Wales and Scotland came above London in the property inflation table.

Scotland topped the chart with a 122 per cent rise from £80,876 in 2002 to £179,446 in 2012, according to research by Hearthstone on behalf of the Office for National Statistics.

Harvey Harding, head of private client services at PM Law, said: “It’s good news that house prices in Yorkshire are continuing on an upward trend and things are moving in the right direction.

“If anyone is thinking about moving house, now could be a great time.

“Our CQS approved property team at PM Law can assist with all aspects of sale, purchase, re-mortgage and transfer at extremely competitive rates.”

Christopher Down, chief executive of Hearthstone Investments, said: “The British have a long standing love affair with property but the strength of the market can hide problems in the detail.

“Traditional investment in residential property requires significant commitment in terms of finances and time and in many cases is limited to a particular region. Even investors with a large buy to let portfolio are often heavily invested and exposed to one specific region.

“Our review of the regional fluctuations over the last five and ten years illustrates that investors are potentially exposed to regional risks if assets are concentrated in only one area. Property prices are recovering from the credit crisis of 2008 but some regions have been affected more.”

The study also revealed that 67 per cent of people in UK do not consider their home to be an investment but more than half of those surveyed (51 per cent) think their property will increase in value over the next five years.

Previous Hearthstone research established that a large majority of people view residential property as a good long-term investment and most (four to one) prefer it to equities.

You can get 20 per cent off conveyancing fees by liking PM Law’s new Facebook page here or for more information call 0114 296 5444.

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