Best Cities in Yorkshire for Property Investment

Yorkshire and the Humber

To invest in Yorkshire property is to invest in its thriving and strong economy of £110 billion per annum, highly skilled business sectors and education, and a 5.4 million (and growing) population. With so much currently on offer and in the pipeline for Yorkshire, is there any wonder why businesses are migrating North?

House price growth rates this year have been ever-widening the North-South divide. The rate slowed enough in September to first see price drops in London. However, renting in London remains more affordable than buying, while Yorkshire experiences the opposite. London monthly mortgage repayments were averaging at £2,546 in September, versus average repayments of £731 in Yorkshire. Due to affordability alone, both investors and tenants choose the North over London.

Average property prices in Yorkshire range from £134,600 in Hull to £319,300 in York. This levels the region’s overall average price to £227,492, with a predicted 28.2% growth by 2025. While York may take the top spot for its economy and tourism, its high prices result in low returns, even with high demand. Some of the best cities in Yorkshire offer affordable property prices, rental yields as high as 10.5%, and equally high demand. Everything a buy-to-let investor could ask for.

With the Levelling-up and Regeneration Bill now law to improve parts of the North that have been ‘left behind’, and Network North in the pipeline to better connect it all, Yorkshire’s glowing and growing potential is endless.

£250,712 Average House Price | 6.5% Yields

Leeds

Leeds must be one of the best cities in Yorkshire for regeneration. All these projects aim to improve transport and the carbon footprint of the city. If the South Bank Project, Innovation Arc, and the City Square regeneration were not enough for Leeds, Network North aims to create a new tramline system for the city. This will increase the trajectory and velocity of Leeds’ desirability, economy, and investment potential.

LEEDS 2023: Year of Culture is predicted to increase the city’s economy by £115 million by the end of 2023 and is forecast to grow to an additional £140 million by 2030. Such growth will skyrocket its tourism and desirability, and fund more regeneration projects, including better transport and new homes. Due to this, the existing best areas in Leeds to live and commute from will only continue to grow in demand.

£171,600 Average House Price | 5.4% Yields

Sheffield

Sheffield is not just one of the best cities in Yorkshire for sustainability, it is also one of Europe’s greenest cities, with the highest tree-to-person ratio in the continent. It is home to over 2 million trees, 250 parks, and over 52 square miles of national parks. Sheffield’s commitment to green spaces and sustainability greatly increases its desirability to live there. Alongside that, its regeneration schemes, high yields, and capital growth potential are but a few of many reasons to invest in Sheffield.

The city’s desirability is clear. Thanks to its sustainable and urban improvements and £470 million of planned regeneration, Sheffield is home to a population of 575,400 – a population which is forecast to grow to 652,300 by 2039.