As lockdown constraints continue to ease, the Yorkshire region saw house prices increase by 14 per cent in the year to March, according to the Office for National Statistics (ONS).
This is compared to the average across the country, which jumped by 10.2 per cent in the same time period, marking the strongest annual growth rate the UK has recorded since August 2007.
The role that Conservative housing policies played in recent local and mayoral election polls can too not be underestimated and while March should have been the month when Stamp Duty relaxations came to an end and the property market mini boom began to fizzle out, interest instead surged.
With the holiday now extended, buyers have been given another opportunity to take advantage of savings. But suggestions that demand is purely down to the short-term allowance are “unfounded” according to Mulgrave Properties Head Of Sales, David Smith.
Here, he shares his insight on how the Yorkshire property market has evolved since the start of the pandemic and his predictions for the future of residential buying post Stamp Duty deductions.
“Home to our latest Tockwith development, Church Farm, Yorkshire is experiencing unprecedented growth as buyers seek investments offering value and potential. Despite the turbulence of the past 12 months, the region remains strong and robust in the face of adversity.
“The Government’s Stamp Duty Holiday offering has kept the market bubbling, attracting buyers to take the leap sooner rather than later in order to make the most of deductions and we’ve noticed this tempting many prospective homeowners.
“Interestingly, however, we have received an unprecedented amount of reservations from people that are undeterred by the concept their homes will be constructed outside of the June extension.”
Growing numbers of London-based buyers are also searching for properties across Yorkshire. Seeking an “escape from the hustle and bustle of big city life and to explore the region's stunning rural surroundings”. David adds:
“The first sales release was made at our latest development in Tockwith near Wetherby last weekend and three plots were snapped up within just 24 hours.
“As our lifestyles continue to change, the region requires properties that offer secluded high-level living within easy reach of surrounding towns and cities and I am delighted to say that Church Farm will deliver this and much more. It’s a very exciting time for all involved and we believe that the lifting of Covid-19 restrictions, combined with the desire for a post-pandemic fresh start will keep demand high for at least the remainder of 2021.”