Property News – All The Latest Updates
Hi guys and welcome to another fortnightly edition of our property news round-up. As usual we take a look at an array of stories from the property industry, today we look at Yorkshire and the Northern Powerhouse to looking at some Christmas decorated homes (just don’t let Dave come round and put your decorations up – you’ll see why!), if you’ve been extremely busy like ourselves, they’ll hopefully give you some inspiration for when you do finally get round to putting your Christmas lights up!
Yorkshire Earns Its Place In The Northern Powerhouse
In the past year the north of England has had a 30 per cent increase in construction and whilst Manchester and both Liverpool dominate, Yorkshire and Humberside are catching up with their north western rivals.
George Osborne’s Northern Powerhouse vision to give major northern cities their very own powers when it comes to planning, housing, transport, and policing, deals have already been discussed and agreed upon for Greater Manchester, Sheffield, and the North East.
However, when it comes to property, many analysts have stated that Yorkshire property growth is linked to simply supplying the housing that people want. Government schemes such as Help To Buy is one major factor that is helping to flourish “Gods Own County” when it comes to property, particularly for families who are starting out.
The county has definitely attracted people from the south, particularly from the capital, end of the day it’s no secret that you get more for your money up north compared with what you would get in the south. As the Examiner mention, the cash you part with for a two-bedroom flat in west London would get you a 10 bedroom, Grade II listed, detached house with three acres of land in Lindley, Huddersfield.
In addition, the vibrant and beautiful Yorkshire countryside and huge investment opportunities in retail, technology, and research plus its rich culture (which we mentioned about in a previous blog post).
With all these factors you can see why Yorkshire has become a crowded marketplace as it continues to compete with Manchester and Liverpool and this one reason why we have had quite a few projects in the region. If you are interested in Yorkshire, feel free to download our South Yorkshire guide.
Top Of The League – Manchester A Top Choice For Investors
Since 2010 no other place in the country has generated higher yields for property investors than the north-west city. (Select Property, December 2015).
Investors have gained annual average returns of 6.02%, compared to just 4.79% in London according to data which was generated from lending firm LendInvest.
2015 has been a great year for the city as it has cemented its place as the Northern Powerhouse leader to being named as the UK’s number one city for property investment by HSBC.
Last month a survey which was conducted by accounting firm RSM found that the north-west is the second highest UK region for overseas investment. With a vast amount of investment being poured into the Northern Powerhouse leader as well as having a huge demand for rented spaces, investors have been quick to snap up assets in the city ahead of a predicted growth curve.
Is The London Property Market Going To Crash?
So what’s happening in the capital? To cut a long story short there’s simply too much supply and not enough demand. According to The Independent, in the last financial quarter alone, 6,000 new apartments were finished, each costing more than £600,000. Currently there are 41,000 homes and flats under construction or being topped out in London priced at north of £1m.
People without children want to live in apartments, these include the first buyers, buy-to-let investors, and people who’s main home is not in the capital. First-time buyers are therefore being prices out as they simply can’t afford a mortgage or afford to pay a deposit on a house.
In addition, foreign purchases from wealthy Russians and Chinese buyers has started to trickle. Vladimir Putin has put a crackdown on Russian citizens that hold cash overseas meaning that there has been less Russian buyers in London recently. Moving further east, China is also having a corruption purge as mentioned in The Independent.
So what does this all mean for the London property market? According to one property expert, it will take just one single developer not to sell, won’t be able to cover costs, and that’s when the crack will start to happen. He mentions that will be enough to send shockwaves through the market, and bring prices crashing down.
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Average Property Price Increases to £20,000 in 2015
Figures from Rightmove show that the average selling price for a home in December was £289,452, an increase of around £20,000 from the average house price a year ago. (Which, December, 2015).
The property portal mentioned that the seasonal 1.1% dip in property prices this month is the lowest December fall they have seen since 2006.
They have predicted that prices will reach new records next year and expects new seller asking prices to rise by 6% as the demand in excess of suitable supply continues.
As a result of prices remaining high in London, highly-skilled workers may look for other options and move to more affordable cities such as Manchester, Edinburgh, Cardiff and Leeds.
Decorated Christmas Homes – Let it Glow Let it Glow Let it Glow!
If you’re like me and leave your Christmas decorations to the last minute and if you are a big fan of Christmas lights you might want to take a look at some of the most Christmas decorated homes in the UK.
If you’re looking at decking up your front with fairy lights we think the 9th example is quite a good one to go for. If you like to go nuts with your lights and Christmas decorations how about the first example?
We’d love to see your creativity, feel free to tweet us your decorated home @TheHouseCrowd.
I hope you can do a better job than me! This is what it would look like if I was left in charge…
What Are Your Thoughts?
Which of our chosen property stories has interested you the most? We would love to hear from you, feel free to leave us a comment on our Facebook and Google Plus pages. If you prefer to tweet us, tweet @TheHouseCrowd.
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