Why Yorkshire is Becoming a Hub for Property Investment

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Why Yorkshire is Becoming a Hub for Property Investment

Over recent years, the property market in the north of England has been vastly outperforming the property market in the Thames Valley area. While some property investors might be regretting that they missed the earliest signs that the Northern Powerhouse was going to be a key investment location, the good news is that there are still plenty of opportunities to be had.

Greater Manchester is still a very interesting place to invest and Salford hasn’t quite lost its “hidden gem” status, but astute investors are now looking at other locations in the area and are taking a particular interest in Yorkshire.

Yorkshire – a county of north and south

North Yorkshire is the picture-perfect idyll of many a film and television series. It combines picturesque historic towns such as Whitby, Harrogate and York with stunning countryside including hills, dales and moors, where you can go trekking on the local ponies (of which there are two breeds the Fell and the Dale). Unsurprisingly therefore, it is a popular tourist destination, hence the attraction of investing in holiday lets. York is also a university town, which provides further opportunities.

South Yorkshire isn’t really geared for tourists, but it does have a thriving economy with Bradford, Leeds and Sheffield all having come very much into the 21st century. The rental demand here is mainly from young adults and students as all of these cities have universities.

Property prices are still reasonable – although they are rising fast

Investors who were quick to spot the potential in the north may have grabbed themselves the bargain of the century as property prices were just about as low as they could be. Since then they have been on the rise but they are still massively more affordable than equivalent properties in the Thames Valley area.

This means that investors can still look forward to solid yields from property investments in Leeds, Sheffield or Bradford and are likely to see capital appreciation as well. While certain parts of Yorkshire are, of course, more expensive than others, there are still bargains to be had throughout the county, particularly if you are prepared to take on properties in need of renovation or to buy off-plan.

Lower costs make for a more attractive work/life balance, which encourages people to stay

Back in the 1980s the north of England was often portrayed as a grim, post-industrial wasteland in stark contrast to the colourful and vibrant south. Now, the north of England is often seen as a place to enjoy a better work/life balance than in the south. It’s certainly a more affordable location for entrepreneurs to start businesses, especially young ones.

Lower costs mean less pressure on people earning their living from newly-established companies and Yorkshire’s excellent infrastructure (both traditional and digital) makes it easy to do business with people in other parts of the country or even the world. At the same time, the number of established companies who have a base (or even their headquarters) in the area means that there are also plenty of opportunities for those who prefer regular employment.

For more information on buy-to-let investment in Yorkshire, please contact Hopwood House.

Featured image: 199 steps, Whitby cc-by-sa/2.0 – © Dave Hitchborne – geograph.org.uk/p/2641475

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