A Brexit deal could see house prices soar in Yorkshire over the next five years
By Aidan Kerr, Owen Tyrie and Joseph Cook
Recent predictions indicate that Yorkshire could see average house prices rise considerably by 2023. The region is expected to experience the second highest growth rate, behind only the North East.
According to the Halifax house price index, Yorkshire will see average house prices rise by 2.5 per cent in 2019. This could soar by up to 20.5 per cent by 2023, with the national average increase predicted to be just 14.8 per cent.
Based on these predictions, the traditional north-south divide is likely to flip, with house prices in the South expected to see a decline in the next five years.
Since the vote to leave the European Union in 2016, property taxes have raised dramatically in the capital, resulting in less demand for property.
House prices in London are expected to fall by 1.7 per cent in 2019, in comparison to to the 2.5 per cent increase in Yorkshire.
In contrast, a no-deal Brexit could also have implications. Should this happen, house prices could fall by up to 30%, according to Bank of England governor- Mark Carney, speaking in a special cabinet meeting in September.
Lauren Fielder, a landlord in Leeds, is cautious as she believes this could have both positive and negative impacts on her as a property owner.
“If the value of housing goes up, it actually benefits me because it means my property increases in value.”
“Having said that, my mortgage is more expensive and I end up borrowing more and therefore have to charge tenants more,” she added.
Lauren explained that it could result in complications for her and her tenants.
“This could be tricky for an in house landlord as you have to barter with the individual and it’s not always as simple as paying half each.”
With the UK scheduled to leave the European Union on 29 March, the future of the nations property market remains somewhat uncertain.