Making the commitment to buy your first home can be a long and drawn out process. Putting aside enough money for the deposit, choosing a location where you will be happy for years to come, and finally getting a mortgage, all pose big obstacles for anyone wanting to climb the first rung of the property ladder. As house prices continue to rise, you might feel like biding your time before making this leap. However Yorkshire property offers a unique opportunity to join the ladder, with much less financial pressure homebuyers in the South.
More Affordable Housing
The news that average house prices increased by 11.7% around the country year-on-year in August 2014 might be enough to frighten first home buyers off the market. True, as the economy recovers the property market is experiencing a knock on effect, however it is important to bear in mind the stagnation that previous beset the market for several years. Therefore, whilst these gains may seem significant, they are long overdue for sellers. Besides, the figure is only an average, and one that is largely pulled up due to London house prices. Many properties increased in value by a massive 20% in and around the capital, however if you break down the statistics by region then the picture is much more attractive for house buyers. Yorkshire only gained 6.3% during the same period far below the national average and a much more realistic situation for anyone wanting to buy their first home.
A Step on the Ladder
In fact, the perception that young professionals cannot afford to buy a house may be becoming something of a myth. Of course, saving the deposit is a challenge, but that has been the case since the year dot. However a recent study by Halifax has shown that renting actually works out more expensive than buying in Yorkshire. Although £228 a year might not seem like much of a difference, property is a valuable investment that will only appreciate over time. So whilst you might save just £1500 over 7 years, if you choose to sell your home and relocate after that period of time, you will be taking advantage of price increases that will have far outstripped these savings.
Whether you want to live in a thriving city such as Huddersfield or Leeds, or you are looking to start a family in one of the inviting towns and villages that permeate Yorkshire, property prices are much more attractive for first-time buyers in this country. To get things into perspective, £250,000 in London would buy you a small studio bed flat; in contrast, you could reasonably expect to find a three-bedroom terrace house for the same price in West Yorkshire. With such stark differences in property prices, it seems that the North offers a solution for anyone wanting to get their foot on the ladder. And as more and more businesses decide to invest outside of London, it could be the perfect time to start your own home and take advantage of the huge North-South differentials.