Despite widespread stagnation and a marked cooling off of activity and value growth engulfing the UK property market, the County of Yorkshire has remained buoyant, with leading International Off-Plan Property Consultancy, LH1 Global, attributing this trend to the growth of key towns and cities in the region.

The largest county in the UK, Yorkshire is home to eight cities, with the City of York recording the strongest property price rises in 2022, with values increasing by 23.1%, or £69,648 on average. This is closely followed by Leeds, which has undergone an incredible transformation over the past decade, with value growth of 15.3% since December 2021, which is in contrast to average prices rises of 9% countrywide over the past 12 months.

The historic region, famous for its rolling hills and dales, as well as the production of tea and steel, has not been immune to the current market difficulties, with average asking prices across the county dropping by 2.1% in 2023. However, overall asking price growth is still up 7.1% over the past 12 months, whilst leading property portal Rightmove has recorded an 11% increase in home searches in Yorkshire compared to 2022. 

Positive news for investors and landlords is that the rental market is also one of the best performing in the UK, with factors present across the country, such as lack of stock, are pushing rental values up.

Rental values are increasing fastest in the largest UK cities with student populations, of which there are many in Yorkshire, including Sheffield, which recorded a 12.4% year-on-year increase. Rents in Leeds are up by 11%, whilst York and Hull recorded increases of 6.5%.

Rayna Hunter, CEO of LH1 Global commented: “Analysis and consideration of the UK property market typically tends to focus on the major cities of London, Manchester and Birmingham, however, Yorkshire has the largest concentration of major cities than any other county. We have seen exceptional regeneration projects transform places such as Leeds, Sheffield, Bradford, Halifax and York and when you compare the market performance across the county to other areas then it is a no-brainer for investors to consider these fantastic locations.

“The current and future projected price growth across Yorkshire means that there is going to be a lot of activity here in the coming years, especially with some fantastic new developments in the pipeline.”

Typically, investors from overseas opted for the London market, due to its position as one of the most popular cities in the world, however, there has been a migration to regional cities in recent years, with Yorkshire recording a 250% increase in enquiries from those based outside of the county since the beginning of the pandemic in 2020.

LH1 Global focuses on areas of regeneration that offer capital growth through the build cycle, which is attractive to both local owner occupiers and savvy investors alike, looking for a rise in value of assets ahead of full completion, that also offer the highest potential returns.

Currently within LH1 Global’s portfolio pipeline is over 1000 units in key areas across Yorkshire, including major developments in Bradford, Leeds, Sheffield and Halifax.

Sheffield

In terms of property value growth, it’s difficult to find a better location than Sheffield. A progressive and innovative city, Sheffield is a popular student location, with two universities, which has made it one of the hottest locations within the UK’s thriving buy-to-let market.

Recently, in partnership with The Investment Room and Yale Housing Association, LH1 Global has launched a collection of 40 stylish apartments at Riverside Court, a dedicated Assisted Living development that will cater for individuals with mental health conditions and learning disabilities in the heart of Sheffield.

Priced from £182,000, the apartments are available to private investors seeking a hassle-free ethical investment, which provides a net rental income of 10% per annum over a 25-year period, whilst delivering crucial specialist accommodation for the local community.

Bradford

Recently voted the UK City of Culture for 2025, Bradford is fast becoming the rising star of Yorkshire. Due to its ever-growing economy of 11.6bn, Bradford has been earmarked as an area of significant inward bound investment, with savvy investors realising that Bradford is in a similar position the city of Leeds was in a couple of years ago and are anticipating sharp increases to property values.

LH1 Global’s current Bradford development “The Printworks” comprises a collection of 137 one and two-bedroom apartments, with prices ranging from £120,000 to £155,000.

A landmark development for the city, The Printworks is the former home of the renowned Hallmark Cards and consists of a stunning Grade II-listed conversion, with two ground-up new build blocks, adjacent to parkland, a golf course, and a school.

Leeds

Leeds has become best known in the property sector as a student city, which lends itself perfectly to buy-to-let investors, with a steady annual demand for quality apartments in city centre locations.

Property prices in Leeds have been rapidly rising in recent years, with values increasing by climbed 7.8% in 2021 and by 15.3% since in 2022.

The five-year total shows that property values in the city have leapt 23.75% overall, which indicates broadly that Leeds is a safe place to invest in, thanks to continued regeneration of various areas in and around the city centre.

A recent project overseen by LH1 Global is a spectacular new-build development on the city’s coveted South Bank, with the first phase set to launch by Q3 2023.

Halifax

Another strong performing, but regularly overlooked, area of Yorkshire is Halifax, which has achieved a 2% growth in sold prices in the past 12 months and a 7% increase on the 2020 market peak.

Halifax is perfectly situated in-between the Peak District and Yorkshire Dales, which makes it a popular tourist destination contributing towards the town’s ever developing economy.

Currently on the market with LH1 Global is Halifax House, a fully tenanted development, which comprises a contemporary collection of studios, one and two-bedroom apartments, with prices starting from £89,950. Perfect for investors looking for guaranteed returns, gross yields at Halifax House are reaching as high as 8% on straight ASTs and the Short-Term Corporate Lets returning even higher.