With so many studies and statistics released about the property market, it’s hard to know which ones are most relevant for you. So, here’s our Latimer Hinks run down on the best places to buy, depending on what is important to you.
Best place to raise a family
According to a Telegraph report on the top 20 places to raise a family following the Duke and Duchess of Cambridge’s decision to base themselves in Norfolk, two places in North Yorkshire make the family-friendly grade. Skipton is lauded for its low crime rate as well as child-centred community and great schools. Helmsley, meanwhile, is included for its facilities, including its riding school in the grounds of Duncombe Park Estate, its old-fashioned sweet shop and its surrounding moors ripe for picnicking.
Most affordable place to buy property
While the struggle facing first-time buyers is well documented, a study showing places where the average salary can buy the average home named County Durham. With an average income of £21,468 and an average property price of £110,000, a single buyer was said to need to earn £19,556 while a couple would need £12,571 each. Of course, that entirely depends on which area of County Durham you’re looking at.
Most expensive place to buy
If you fancy securing a place on one of the region’s millionaires’ rows, then according to the Land Registry, which number crunched sales between 2010 and 2015, Graham Park Road in Gosforth is the region’s most expensive street, with properties fetching an average of £1,029,000. In the Yorkshire region, meanwhile, the priciest streets are in the gold triangle between Harrogate, Wetherby and North Leeds, with the most expensive street being Rutland Drive in Harrogate, where homes typically cost around £1.2m.
Best place to invest
Despite George Osborne’s extra 3% Stamp Duty on the purchase of additional properties, investing in property is still an attractive prospect for many. While Manchester and Liverpool topped a recent rental yields survey, Sunderland also fared well, with average rental yields of 4.97%, boosted by a strong student population.
Best places for young professionals
A list put together by Lloyds Bank of the best places for young professionals to live is topped by Hove, Brighton’s next door neighbour, with the rest of the top 20 also being reserved for London and the South East. However, in the North East, Jesmond is named as the place where young professionals are prepared to pay the biggest premium to live there, with average house prices of £256,908.
Best rural location
With friendly rural communities, fresh air and a slower pace of life, it’s no wonder many of us are looking for an escape to the country. BT named six places in the North East and Yorkshire in the top 50 best rural locations in the country, including Barnard Castle which was included because of its strong community and good schooling.
Ultimately, however, the best place to buy property depends entirely on the buyer, their budget, their wish list, whether they prefer city or country, and whether they are raising a family.
Please note: This article is intended as guidance only and does not constitute advice, financial or otherwise. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.
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 call 01325 341500.