House prices in Yorkshire are set to rise by a cumulative 16 per cent between 2007 and the end of 2017, according to the latest research by BNP Paribas Real Estate. Yorkshire has an annualised growth figure of 5.2 per cent and growth this year of 0.5 per cent.
The international real estate adviser, which has offices in Sheffield and Leeds, has published its latest Housing and the Economy report – its annual house price forecasts put together with Professor Patrick Minford, a former economics adviser to Margaret Thatcher and the current Professor of Economics at Cardiff Business School.
The UK picture overall is also positive with 33 per cent cumulative growth expected between 2007 and 2017. UK house prices are forecast to grow by a modest 2.5 per cent this year; a significant improvement on 2012 when prices fell -0.9 per cent. In the North West, cumulative price growth is predicted at 13 per cent.
The lowest growth is forecast in the North West and North East, with cumulative rises in house prices predicted at 13 per cent and 12 per cent, respectively.
David Couch, the firm’s head of residential development in the north, said: “Finally there is some positivity in the northern markets, with house prices forecast to grow in Yorkshire, the North East and the North West. Growth in Yorkshire will be somewhat slow this year, with prices forecast to rise by less than 1 per cent – but from 2014 onwards, the pace will pick up.
“The improving housing market conditions in the North are positively impacting the whole market and not just benefiting one group, such as first time buyers. This is encouraging the development of a cross section of housing units, which is what the market needs to help solve the housing crisis.”