The city has enjoyed one of the largest increases in property prices of any major city in Yorkshire since the 2008 global financial crash - according to new research by online estate agents Housesimple.com. On average, house prices have climbed 25.1 per cent, just over £3,000 a year, during that time. The average home in the city ten years ago cost £133,276, compared with £166,759 today.
Recent Land Registry figures reveal that average property prices across Yorkshire have risen 4 per cent in 2018 alone, compared to an average annual rate of growth of 1.5 per cent since 2008, when the US housing bubble burst and triggered a global financial meltdown.
Four other Yorkshire towns/cities have also enjoyed average property price gains of more than 20 per cent over the past 10 years, including York at 33.1 per cent, Harrogate at 29.3 per cent, Leeds at 24.4 per cent and Hull at 21.1 per cent. Across the 10 largest towns and cities in Yorkshire, house prices have increased on average 14.3 per cent since 2008.
The financial crash sparked a dramatic slump in UK house prices, with prices falling by as much as 20 per cent in some areas. And Land Registry figures show that Middlesbrough is the only major town or city in Yorkshire where property prices have not yet recovered, with average prices still 2.9 per cent below pre-crash levels.
Nathan White, a Sheffield agent with Housesimple.com., said: “It’s been a healthy year for property markets across Yorkshire as the north of England in general has seen a mini house price boom.
“The first-time buyer market has been particularly strong, helped by government schemes such as Help to Buy and a wealth of affordable property stock. And investors have been flocking to northern urban areas in search of more attractive rental yields than offered in the south.
“There’s every chance we’ll see a boost in activity in Q1 which is why we wanted to offer homeowners in Yorkshire the chance to sell their homes for free until the start of April. There’s a lot of pent-up buyer demand that built-up in December ready to be released, and we envisage there being plenty of homeowners looking to secure a sale before the end of March.
“With continued low unemployment and interest rates, market conditions are attractive, and in the end, life has to go on, whatever is happening in the wider economy.”
To celebrate branching out across Yorkshire, Housesimple is waiving its usual £995 fee for homeowners who list their property by April 2 2019.