Yorkshire city leads housing market
HOUSE prices rose by 10% in Bradford this year making it the best performing market among the UK’s major towns and cities in 2011, according to new data.
Across the region as a whole house prices rose 1.6% over the year despite a 0.8% fall in the fourth quarter.
The average price of a house in Yorkshire is now £134,467, compared to an average in England of £185,724, with the region remaining one of the most affordable in the country according to data from Nationwide.
North Yorkshire has the highest average house price in the region, at £193,103, and East Yorkshire the lowest at £148,057.
Across the UK as a whole, house prices rose by 1.1% in 2011 taking the typical cost of a home to £164,785.
Robert Gardner, Nationwide’s chief economist, said: “The 1% rise in house prices recorded over the past twelve months could hardly be described as a strong performance, but against a backdrop of anaemic economic growth and a deteriorating labour market, UK house prices were surprisingly resilient in 2011.
“With the UK economy struggling to gain momentum, labour market conditions are likely to remain challenging in 2012, deterring buyers from entering the housing market.This may tip the demand/supply balance in favour of buyers. However, there are few indications that a flood of properties is about to hit the market, so tight supply conditions will continue to provide some support for prices.
“The outlook is very uncertain, and will depend crucially on how the wider UK economy performs. Nevertheless, as things stand, the housing market in 2012 looks likely to be characterised by low levels of activity once again, with prices moving sideways or modestly lower over the course of the year.”
