How Rising Costs Are Affecting Yorkshire People
Yorkshire is home to two of the most affordable cities in the UK, according to the Yorkshire Post. Not only is Yorkshire cheap, but individuals in the county are also considered the best savers in the UK. However, with food bills, house prices, and energy costs rising, the finances of people in Yorkshire have been hit. But just what is the current situation?
Buying a home
House prices are going up everywhere in the UK, and Yorkshire is no different. Savills predicts the national house price growth will average 3.5% in 2022. However, the rise in Yorkshire will be around 4.5%. This is good news for existing homeowners as it means their homes will be worth more and they’ll have more equity. They’ll also make more money if they choose to sell up. Individuals looking to buy are also better off than house hunters elsewhere in the country. Zoopla reports that the average house price in Yorkshire, as of January 2022, was £203,483. This is considerably lower than the UK average which hit £254,822 in December 2021. New builds in Yorkshire and the Humber are even more affordable and have an average selling price of £179,642.
Cost of living
The average income of someone living in Yorkshire is between £26,600 and £30,800. This is less than the national average income of £31,300. But parts of Yorkshire are a lot cheaper to live in. Marie Claire states that Bradford is the 2nd cheapest city to live in in the UK, while Hull comes in at 8th place. However, later this year Yorkshire households are expecting a £600 annual rise on their fuel bills. This could make things difficult for some families as Yorkshire and the Humber already pay more for their home energy than anywhere else in the UK. A pricey bill from an energy company can be worrying, but quick loans in the UK can help to pay them off. It’s possible to get an instant decision and access to funds within minutes, so that energy bills can be paid off instantly. Previous poor credit history is unlikely to affect an application either.
64% of people in Yorkshire have some type of debt, states the Yorkshire Times. Debt levels have worsened in Yorkshire over the past two years too. Two of Yorkshire’s biggest cities, Hull and Bradford, were described as being places that were 56% and 54% likely to have taken on debt by the Centre for Cities. One problem that people in Yorkshire with debt have is their credit card use. One-quarter of them say they make credit card purchases without considering how they’ll pay it back. 14% say their debt worries them so much that they can’t sleep. This problem could easily be solved if they took time to think about each of their purchases and avoided using their credit cards unless in an emergency.
Financially, things are tough for many across the UK. But it’s not all doom and gloom in Yorkshire as people here are good savers and have access to some of the cheapest homes in the country.