Despite the uncertainty provided by the recent General Election and up and coming Brexit negotiations, Barclays Bank has spoken optimistically on the UK housing market. Using many different factors such as rental trends, employment levels and the new behaviours of commuters, Barclays have sought to create an index of property hotspots.

As a result of the study, Barclays came to a prediction that there would be an average 6.1 per cent increase on property prices by the end of 2021. This would see the average value of a house in the UK at just below £300,000. As expected, London expects to see the largest increase by region with areas such as East Anglia, the south east, the East Midlands seeing above average increases.

It was also positive news for owners and buyers in our local region albeit at a reduced rate with an expected price increase of 3.6 per cent across Yorkshire & Humberside.

Dena Brumpton, Chief Executive of Barclays’ wealth and investments division explained, “It’s encouraging to see that property is still viewed as an important part of the investment portfolio with high net worth investors typically owning three properties and over a quarter planning to buy property because they believe that it offers long-term investment security”

Brumpton went on to provide optimism for the rest of the UK, ““There is also increasing confidence among property investors, as many are taking a long-term view when it comes to putting money into property. It’s also interesting to see from our research how investment prospects are emerging outside of the established property heartland of London and the South of England, with economic growth and employment opportunity fuelling growth in hotspots across the UK.”

The study suggested that young buyers would be a key aspect of driving the growth of the UK housing market. So despite possible uncertainty, there are positive signs for home movers and buyers in Yorkshire and across the UK.

Source: Property Investor Today