Prices of detached houses in Bedale and its surrounding villages soared by 21.1% in 2017, which was far higher than any other part of North Yorkshire, according to a newly released house price index.
The North Yorkshire House Price Index has been compiled by North Yorkshire based The Search Partnership. The property buying agency has been analysing the average price paid per square foot recorded by the Land Registry throughout six key areas for the last five years.
Director Toby Milbank, from The Search Partnership, says: “It’s the second year in a row that the Bedale area has seen the highest levels of growth after prices rose by 17.1% in 2016. The Bedale bypass was completed in August of that year, so we were expecting significant price growth, but it is surprising to see how it has continued to soar in 2017. The completion of the A1 widening scheme may have also been an influential factor, as it has enabled easier access to Leeds, Harrogate and York.”
Ripon and its surrounding villages have experienced the next largest increase of 11.1%, with Thirsk and its surrounding villages seeing an increase of 8.6%. Boroughbridge and its surrounding villages however showed a decrease of 1.8%.
Toby adds: “The waste recovery park at Allerton Park may have held back prices in the Boroughbridge area over the last two years. Added to this is the uncertainty over the proposed large scale residential developments at Green Hammerton, Cattal and Flaxby, making buyers opt for properties in more rural areas, where fewer new houses are proposed.
“Historically, Thirsk, Ripon and Bedale have been between 10% and 15% cheaper than the Boroughbridge area, but this gap has closed, with all four areas now showing very similar price per square foot sales prices.”
The Index confirms that the popularity of the spa town of Harrogate remains strong with average prices rising by 8.3%. Toby says: “After two years of minimal growth, the prime areas of Harrogate surveyed, which include the popular roads in the Duchy area and Beech Grove, have performed well again, and this was the most valuable area of North Yorkshire with detached houses selling for an average of £379,000.”
In total 12,459 houses were sold in North Yorkshire during 2017 which is an increase of 109 from 2016. Director Tom Robinson explains: “This demonstrates that transaction numbers are maintaining a sustainable rate. Stock levels remain low but the number of houses changing hands remains steady.”
Toby concludes: “Our Index is based on actual prices paid, rather than guide prices or advertised prices, so it’s a really accurate barometer of the local market as well as a great way to pinpoint how specific locations are performing in North Yorkshire.
“Despite the positive increases in the majority of areas analysed, stamp duty increases have had more of an impact on prices than anyone expected, and with uncertainties surrounding Brexit and the regular threats of interest rate rises, we are predicting a more modest price growth of 1% for North Yorkshire in 2018.”