James Wort
Director
From downsizers to families looking for more bang for their buck, North Yorkshire’s property market is booming.
The North Yorkshire property market has always been a steady one thanks to its Golden Triangle, but in recent months it’s really started to blossom.
Figures show the county’s housing market continues to grow. North Yorkshire’s house prices grew 4% between 2015 and 2016, and 11% from 2014, according to Rightmove.
Much of this growth is focussed around the Golden Triangle region – which incorporates York and Harrogate in North Yorkshire and Leeds and Wetherby in West Yorkshire.
Downsizers looking for city living
James Wort, head of office in Harrogate, says there are more downsizers choosing Yorkshire than ever before.
He said: “The Golden Triangle is starting to see a notable increase in demand from second home buyers - couples in their 50s looking for a rural retreat away from London, as well as overseas purchasers who like Harrogate’s ‘boutiquey’ feel.”
In the last two years there has been a change in the type of home downsizers are looking for. Instead of retiring to the country, many are moving from the country back to towns and cities so they can regain their social life once the kids have moved out.
James says: “This has had a huge impact on our town market – prices are rising and properties can be snapped with within days of launching. And with supply slowing (there are 35% less properties on the market in Harrogate than last year) it is making the market fiercely competitive.
“We have never seen so many builders and developers look for plots of land and renovation projects, aiming to plug the gap and serve this rising demand. Many of the financial backers of the developers are from London, so there is a London influence in style and finish.”
Expats looking to cash in
There are more young London families choosing their former home of Yorkshire over places like the South East as it represents both better value and lifestyle.
Around 30% of new applicants here looking for homes above £2m are coming out of London.
James says: “We have seen a 15% increase in buyers over the last 12 months, largely from London. Lots are Yorkshire expats moving back to raise a family, where either the husband or wife used to live in the area and may have relatives nearby.
“A typical scenario is the husband or wife working three days in London and two days from home – this gives them a better lifestyle and with more and more London firms adopting flexible working hours, it has never been easier to work remotely from home than now.”
And it’s not just those from London - there has been an increase in the number of expats coming back from places likes Singapore and Hong Kong.
North Yorkshire’s hotspots
James says the best places to look for property in the region are the satellite villages within 5-8 miles from Harrogate.
They have become more viable for families and have done extremely well over the past few years, especially the amenity-rich villages of Burton Leonard, Hampsthwaite, Beckwithshaw, Kirby Overblow and Follifoot. Places like Ripon, Bedale, Brandsby and Darlington also offer excellent value for money.
Though Harrogate is still the place to buy thanks to its elegant streets, impressive period houses, and balance of independent shops and high end brands.
James says the areas to look are Fulwith Mill Lane and the Fulwith area itself, the Duchy estate, The Oval, Beach Grove, Park Drive and Park Avenue, Copis Drive, Springfield Avenue, and Victoria Avenue.
Fiona Pengelly, from Strutt & Parker Harrogate, says Masham is a property hotspot: “Masham packs in a lot of Yorkshire charm, set around a pretty market square. All your everyday requirements are easily accessible, from schools to hotels, as well as some lovely coffee shops, restaurants, even some nice clothes shops too. A weekly market is held in the square.
“Its character really comes alive during shoot season, becoming a hive of activity for the surrounding shooting estates seeing a large number of Americans fly in just for the shooting. This also generates a great deal of revenue for the town.”
She also likes Ampleforth, Oswaldkirk and Boltby, while Hampsthwaite is one of the most popular villages near Harrogate. This small idyllic village is on the southern side of the River Nidd and offers a range of facilities including village school, shop, tea rooms, inn and village hall.
The ancient Yorkshire village of Whixley is famous for its cherries, originally cultivated by the friars from the Priory of Knaresborough. The journey from Whixley to London, via Cattal train station, takes 2.5 hrs to Kings Cross. And you’re just 12 miles from York.
Finally, there is Ripley, a village renowned for its tourism, ice-cream, country castle and adjoining estate. It’s often named as North Yorkshire’s most sought after place to live as it’s close to Harrogate and Ripon, with Leeds/Bradford Airport just 20 mins away.