An interesting month in the Yorkshire property market. According to the Homelet rental index the average rent in November 2015 was £626 pcm, a 0.8% increase from the previous month and an uplift of 3.1% from the previous year. This was just shy of the national rental growth of 3.8% (excluding London).
This indicates strong performance in the lettings market not just in Yorkshire but across the UK.
In sales, as per the Rightmove house price index, November 2015 saw average property prices at £167,343, a 2.2% decrease from the previous month yet a 2.4% increase from November 2014. Across the UK the monthly average asking price was down 1.3% from the previous month.
Potentially the downturn in average sales price is down to some motivated vendors reducing their prices to push sales through in a market winding down for the festive period.
Despite the aforementioned sales statistics the Royal Institute of Chartered Surveyors has predicted a 6% increase in the price of housing in 2016. Invariably the time to get on the property ladder whether it be as a homeowner or buy-to-let landlord is now.
For any advice please do not hesitate to contact me. Wishing all readers a prosperous new year ahead.
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