Yorkshire’s house prices largely defied expectations in 2023 and as always at the start of a new year, there are now a whole host of forecasts from mortgage lenders, national property companies and online portals all predicting different things for 2024.
However, most of these take a national perspective, but what can we expect to see on a local level in Yorkshire?
Our Head of residential, Patrick McCutcheon FNAEA, gives his thoughts on what happened in 2023 and more importantly, what’s in store for Yorkshire’s property market this year.
He said: “My maternal great grandfather was, according to family lore, an experienced sea captain plying his trade for decades out of Liverpool, but even the most accomplished mariner would have been incredibly confused by the conflicting tides that have struck the property market over the last 12 months.
“High inflation and the aggressive use of interest rates by the Bank of England should have delivered a shocker of a year. So too the extraordinary levels of activity post covid which should have exhausted demand. And yet we witnessed steady levels of sales and consistent buyer demand across all sectors, with prices, as predicted, even nudging up slightly across the region.
“Only after the summer holidays did we see a noticeable slowdown and even then I would argue that the underlying mood by mid-December was more positive than in September as news on inflation and thus hopes for a base rate reduction become more positive. Confused seas indeed!
“Where to for this year? Buyer demand remains good. Borrowing rates are likely to fall as lenders continue to compete for business. The supply and opportunity for buyers has returned towards more normal levels thus reducing anxiety about the onward move. Looming election aside I believe we will see a return to a more active market, consistent and positive sales volumes and even a little more price growth within our core Yorkshire area.”