Yorkshire stares down Brexit uncertainty to become property investment honeypot
- House prices in London falling at fastest rate since 2009 (Acadata)
- Yorkshire projected to enjoy average price rises of 3.6% for next 5 years (Barclays)
- Vast array of investment options & locations turning Yorkshire into investment honeypot (Property Frontiers)
Uncertainty lingers over much of the UK property market. London’s house prices are falling at a pace not seen since 2009, according to the latest figures from Acadata and LSL Property Services, with September prices dropping by 2.7%. Meanwhile, Hometrack data reveals that property turnover in the capital has plummeted by 17% since 2015.
However, while investors may have their jitters about London, the same can’t be said for property in Yorkshire. Prices in the northern county are projected to rise by an average of 3.6% over the coming five years, according to the Barclays UK Property Predictor.
“Steady, stable growth of this nature – in addition to the potential for decent rental yields – is precisely what investors are looking for from the UK property market right now. Property investment is about beating the Brexit uncertainty to find those pockets of the country where property markets are holding their nerve. That’s why investors are turning to northern counties like Yorkshire.”
Ray Withers, CEO, Property Frontiers
Yorkshire is home to a number of bustling cities. In addition to Leeds and Sheffield, Bradford, Doncaster, Scarborough, Halifax and Wakefield all offer plentiful employment opportunities and a great location for professionals and families looking to enjoy the urban lifestyle.
Bradford is the fourth largest metropolitan district in the UK, with an economy worth more than £8.3 billion. Outside of London, it is the UK’s fifth fastest growing city. Investors are increasingly being drawn to its hotel sector, with developments such as Fabric, in the city centre, offering a low entry point (rooms from £65,000) and yields of 10% NET per annum for up to 10 years. Bradford’s economy is supporting exceptional 5% annual growth in hotel revenues. Occupancy is on a gentle incline, while rates are steeply rising according to Armstrong Watson.
Meanwhile, other opportunities across the county abound. Investors who prefer apartments have been excited by Danum House, just a two-minute walk from Doncaster train station. One bedroom apartments are available from as little as £83,000 thanks to the exceptional value to be had in this Yorkshire city. Yields of 7% per annum are assured for five years in this popular, art deco style department store conversion.
“One of Yorkshire’s attractions is the range of investments and locations that it offers. This is truly a county with a property to suit every budget – hence it’s rapidly growing status as a top UK investment honeypot.”
Ray Withers, CEO, Property Frontiers
Over in the much-loved seaside resort of Scarborough, investors can buy into the next chapter in the history of the majestic Harland Hotel. The building oozes traditional charm, just as one would hope for from a hotel overlooking the bay of one of the UK’s most traditional seaside hotspots. The luxurious rooms are available for as little as £60,000, with ongoing income of 10% NET over 10 years proving a strong lure for investors looking to beat Brexit with strong returns.
The latest Yorkshire development set to tempt investors will be Martins Mill in Halifax. The 60 apartments, due to hit the market imminently and exclusively through Property Frontiers will breathe new life into the former textile mill, which dates back to the 1800s. The development will be the latest in a long line of Yorkshire successes for the Property Frontiers team.
“Property Frontiers has been operating in Yorkshire for many years. Apartments at Hebble Wharf in Wakefield were particularly well received back in 2015 and highlighted the investment appetite for this part of the world. With Brexit creating uncertainty in London and the surrounding area, investors are increasingly looking to areas like Yorkshire for longer-term stability. As such, we expect investment in this county to continue to expand.”
Ray Withers, CEO, Property Frontiers
For more information, contact Property Frontiers by visiting www.propertyfrontiers.com or calling +44 1865 202 700.