2018 House Market Predictions For The HU17 Area

The housing market for the Beverley area is set for another tough year as economic uncertainties continue to limit any price rises. Despite many government-led initiatives such as the removal of stamp duty, it seems that increased living costs and fears over a rise in interest rates will put many people off buying a new home in 2018.

 

Last year saw both the number of homes sold and their prices decreasing across the whole of the HU17 area. Compared to a relative high point in 2014, the number of home sales in the HU17 region was at its lowest point since 2009. And when coupled with a sudden drop in prices compared to 2016, it seems that the market is set for a tough year.

Much of this rests on the overall economic climate that is struggling in the face of the Brexit process. But with everything from stagnating wage rates to council tax increases continuing to hit the consumer, many estate agents are predicting difficult times ahead.

Despite the economic gloom that has afflicted much of the country, it’s clear that Yorkshire and the Humberside region have the potential to buck the trend.

A recent survey of experts from the region’s estate agents suggested that the price affordability to earnings ratio could boost house prices in the area.

One of the most interesting comments came from Richard Welpton of the Quick and Clarke estate agents who stated that Beverley will continue to perform well in terms of house price rises and speed of sale due to continued demand.

The average house price in Beverley currently stands at £254,187. This compares to £154,739 for Hull, and it’s thought that Beverley’s pleasant location and well-developed infrastructure could help the town become a new hotspot in the region.

Whilst attention has traditionally been focussed upon the so-called ‘Golden Triangle’ between York, Leeds and Harrogate, Beverley has the potential to build upon the house price rise of 4.08% over the past year as it becomes increasingly attractive to families and down-sizers alike.

These house price rises indicate that properties in Beverley have become increasingly sought-after. Whether the homes are on sale at high street estate agents, or even through an online service like Good Move who routinely offer quick sales on properties, it’s evident that the town is set to buck the national trend.

Whether these rises in Beverley will carry on to the HU17 area and beyond remains to be seen. But with promising new government initiatives such as the Help-to-Buy scheme, it’s hoped that that the overall economic uncertainty won’t cause the region’s housing market too much undue stress.

We have already seen how plans to build 226 new homes in the Anlaby area near Hull indicate that the government is serious about catering to the demand of first-time buyers.

Whilst it’s too soon to see how these developments will affect house prices, it’s clear that 2018 is going to be an interesting year for the region’s housing market.

More From HU17.net