Yorkshire house prices expected to grow more than twice as fast as London
House prices are expected grow twice as fast in Yorkshire than in London over the next five years, according to a report.
Between 2018 and 2022, house prices across Britain are projected by real estate adviser Savills to grow by 14.2%.
Savills expects different pockets of Britain will see marked differences in house price growth over the period.
Its projections state a 17.6% increase in Yorkshire, which compares to about 7% in London.
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The report said the North West region in particular has "a robust economic outlook and strong employment growth".
In London, house prices stand at about 12.9 times typical earnings.
"London's housing market has been pushing up against the limits of mortgage regulation and affordability for some time," said Lawrence Bowles, a research analyst at Savills.
"The Brexit vote was the tipping point that slowed price growth. Weakened sentiment combined with expected interest rate rises now point to small, short-term price falls next year."
He said greater economic and political certainty should trigger a return to house price growth for London in 2020 but cautioned: "This will be capped by borrowing constraints as gradual increases in the cost of mortgage debt impinge on affordability."
Looking across the country generally, Savills said cash buyers, who account for about a third (34%) of all house purchases, have become more dominant and this trend is expected to continue "as others struggle to access the market".
It expects to see a sharp fall in mortgaged buy-to-let investors over the coming five years, following various tax changes which it said had a combined impact of restricting activity in this sector.
Savills said there had already been signs that some mortgaged buy-to-let investors may be selling stock.
Here is how Savills' forecasts could affect house price growth across Britain over the next five years, with the average house price in 2017 followed by the predicted gain in cash and percentage terms by the end of 2022 and the predicted average house price in 2022. It used house price figures from Nationwide Building Society to show how its projections could affect average property values:
:: North West, £156,000, £28,000, 18.1%, £184,000
:: North East, £127,000, £22,000, 17.6%, £149,000
:: Yorkshire and the Humber, £151,000, £27,000, 17.6%, £178,000
:: Scotland, £146,000, £25,000, 17%, £171,000
:: Wales, £150,000, £24,000, 15.9%, £174,000
:: East Midlands, £178,000, £26,000, 14.8%, £204,000
:: West Midlands, £183,000, £27,000, 14.8%, £210,000
:: South West, £241,000, £34,000, 14.2%, £275,000
:: East of England, £288,000, £33,000, 11.5%, £321,000
:: South East, £322,000, £37,000, 11.5%, £358,000
:: London, £472,000, £33,000, 7.1%, £505,000