If you bought your house before the millennium in 2000, you might be surprised to learn just how much your property has appreciated in value in just over a decade. Although national house prices rose significantly during this period, with the exception of the economic crisis between 2008-12, Huddersfield in particular benefited from huge gains in property prices in the region, as a recent survey by The Huddersfield Daily Examiner http://www.examiner.co.uk/news/west-yorkshire-news/how-much-huddersfield-house-prices-7863213 shows.
So exactly how much have values gone up, and why might this be? This short history of 21st century Huddersfield will shed light on the matter.
Huge Rises in House Prices
Believe it or not, Huddersfield house prices have roughly doubled since the year 2000, whilst central properties with a HD1 postcode can be expected to ask 163% more for their houses than fourteen years ago. That is above the average rate of inflation for the whole country, which sits at around 140%. Central properties have had significantly larger gains than the suburbs of the town, However this appreciation of regional properties has extended to neighbourhoods such as Bradley, with a respectable doubling in house prices.
A Century of Improvement
Although the property market has gained in value throughout the country, this alone cannot explain the great gains in Huddersfield in particular. Various improvements in the town that have made it a happier place to live and work over the past decade can also be thanked. Not to mention a place to study, as The University of Huddersfield has become an award-winning https://www.hud.ac.uk/about/the-university/our-awards/ institution for higher education that attracts thousands of students ever year.
The town is also well established as a hub for private sector business; in the three months leading to October 2014 alone there has been £21,000,000 of new investment in such businesses in Yorkshire and the Humber. This is just one sign of the growing importance of Northern towns in the UK economy that has had a positive effect on house prices.
An Attractive Market
These huge increases in property prices make it an appealing time to sell for homeowners looking to move, especially in areas where values have increased above the regional and even national average. However the market is also an attractive one for buyers, as Yorkshire properties are still much more affordable for first time buyers than those in the South. This regional growth in prices combined with the relatively low ranking against the national averages, means that towns such as Huddersfield are attracting more and more interest from those wanting to get their foot on the ladder.
As the economy shows a stable outlook and the results of fourteen years of impressive regional growth come in, it seems that now is both a great time to buy and sell property in Huddersfield. Whether you are looking for a new home in an up-and-coming region, or you want a fresh start in the area, the town has much to offer in 2014/2015, give it some thought.
Article written by Kelly Gilmour-Grassam with helpful information from ADM Residential. Kelly can be found on twitter, where you can follow her @KellyGGrassam.