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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.
£185,170 Average House Price | 6.86% Yields
While being the Best City in the UK for Investors, Bradford is also named the Most Affordable City for First-Time Buyers. Average property prices in Bradford may currently be £185,170, but prices for FTBs average at £104,643. But it isn’t just one of the best cities in Yorkshire for its affordability. It is also home to highly profitable rental yields. Averaging at 6.86%, some areas offer yields above 8%. And, surprisingly, the city centre itself has an average yield of 10.7%! Investing in Bradford is a must.
Demand is rife in Bradford, too, for its location. It is the perfect commuter town for the likes of Leeds and Halifax, especially with two train stations to choose between. With its growing desirability and countless regeneration projects, there is no doubt that Bradford is a prime up-and-coming area for property investment.
£250,712 Average House Price | 6.5% Yields
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.
£163,327 Average House Price | 7.03% Yields
Usually, it is either a city centre or its suburbs which is the more profitable option. However, Hull is home to both highly profitable city centre and suburban BTL properties. Hull City Centre sees average property prices of £160K, which is approximately £30K less than its outskirts. However, while the city centre surprisingly has cheaper options, the prices in the suburbs are higher simply by comparison. Hull itself is still one of the best cities in Yorkshire for affordability.
The achievable rental yields cement Hull’s investment potential. The best places to live in Hull are stretched across the whole city. This is due to ongoing regeneration projects totalling £1.5 billion in the past few years, all to improve the public realm, its high streets, and homes, plus its total investment into a green future. Currently, in terms of sustainable energy, Hull is the leading city in the UK for the green revolution.
£171,600 Average House Price | 5.4% Yields
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.
Other than its affordability and gorgeous views, Yorkshire is widely recognised for being a great place to live and work. Despite increasing rental prices in the UK and even the forecast 22% 5-year increase in rent, Yorkshire will still stand amongst other Northern regions to be a more affordable option for tenants. Demand will always be ever-present and growing in Yorkshire.
From its idyllic countryside, great history, and thriving cities, Yorkshire also greatly benefits from tourism. Some of the best cities in Yorkshire have seen a rise in short-term lets. This puts BTL investors in a perfect spot. Being faced with fantastic opportunities in both assured shorthold tenancy and short-term lets, in a region also home to some of the best rental yields in the UK, Yorkshire could not be a better choice for new and seasoned investors.
When it comes to Yorkshire, its potential is clear. With affordability, high rental yields, and ever-growing rental demand, in England’s largest county with a population larger than the likes of New Zealand, Finland, and Scotland – there is no doubt about Yorkshire and Humber’s return on investment.
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