As the nation celebrates Yorkshire Day – taking place tomorrow – Yorkshire Building Society is highlighting why God’s own county has so much to offer homebuyers, including exceptional value, as property prices in many of its locations remain well below the national average.
Across England, the average house price is around £270,000, however, according to data from the Office of National Statistics (ONS), first-time buyers and purchasers moving to Yorkshire can typically get much more for their money.
Yorkshire continues to offer some of the best value for homebuyers in the UK, with average house prices across many of its major towns and cities remaining significantly below the national average. Even in Yorkshire's larger economic centres, including Sheffield and Leeds, average house prices remain highly competitive, while areas such as Hull, Barnsley, and Bradford offer exceptional affordability.
By contrast, purchasing a home in towns in the south-east such as Reading would set back would-be borrowers by on average £351,000, and by £355,000 in cities such as Bristol in the south-west, and those looking to buy a home in the capital can expect to pay on average a whopping £806,000 in Camden, falling to £361,000 in its cheaper areas such as Barking and Dagenham.
Tom Simpson, managing director of homes at Yorkshire Building Society, said: "Yorkshire has always had a lot to offer, from thriving cities and market towns to stunning countryside and strong local communities. But one of the region's greatest strengths remains the value it offers homebuyers.
"This Yorkshire Day, it's worth celebrating the fact that Yorkshire continues to be one of the most affordable places to buy a home in Britain. Whether you're buying your first home, moving up the property ladder or relocating to the region, Yorkshire continues to provide excellent opportunities for homeownership.
"As a society founded in Yorkshire more than 160 years ago, we're proud of our roots. That’s why we’re championing access to homeownership, no matter where our borrowers choose to live. The latest example of this is our report No Way Home? Restoring Britain’s Housing Ladder, which will support industry conversations to improve access and reduce barriers to owning a home across different life stages, because, whilst lower property prices like those in Yorkshire help, deposits, affordability and access to a mortgage can still make buying one difficult. We want to change this, enabling more people to “get a place t'call their own”.
