Posted on 27th March 2015

Strength in Hambleton Property Market

Martin Williamson, Head of Residential Property

The latest prognosis for the housing market is stable and comfortable, yet still not fully recovered. UK house prices fell 0.3% in February, leaving the average house price at £192,372, according to new figures from Halifax. The fall, the first since October, followed a rise of 1.9% in January. The North East experienced a lower dip, in part because it has a lower threshold from which to fall, and due to the fact that property values are not as affected by the centrifugal pull from the capital.

On the upside, there are definite pockets of positivity appearing in parts of our region. According to our own research into the Hambleton property market, it would appear that the area is buoyant; like a large number of rural areas with good infrastructure and established communities. All of the property experts we spoke to in this predominantly rural area, which is dominated by bustling market towns, reported that they had seen an increase in instructions over the last 12 months.

The majority of estate agents reported much more positive sales figures with the average Band D property taking between three and six months to sell. Two even reported that it was taking less than twelve weeks for properties to come off the books. All property experts questioned also reported an increase in instructions since the start of the year. House prices have also returned to between 75 and 100% of pre-recessionary levels, they report.

There are several property hotspots in the Hambleton area, according to our research. Particularly, and one could add perennially, popular are the market towns of Bedale, Leyburn, Thirsk and Northallerton. House prices in these areas remain stable and strong with a large number of second homes and settled retirees, which generally mean established communities. Properties located within the boundaries of the Yorkshire Dales National Park, in particular, are highly sought- after. An influential report by Lloyds Banking Group has found that home buyers pay an extra £61,335 to live in the Yorkshire Dales. The research revealed that vendors typically pay a premium of 31% to enjoy the idyllic setting of the Dales.

It is likely that areas such as Hambleton will be able to enjoy a sustained recovery, largely unaffected by market volatility experience in less stable and established areas.

Martin Williamson is Head of Residential Property at Latimer Hinks Solicitors in Darlington. Latimer Hinks has a team of around 40 people serving private and corporate clients. For further information: www.latimerhinks.co.uk or call 01325 341500.