With the 2014 Tour de France well and truly past in 2014, and a reputed £102 million inserted in to the local economy as a result, Yorkshire now stands to benefit from having been uniquely promoted to a global audience, which in turn should further assist the local economy and therefore the local property market in 2015.
Whilst towards the end of 2014 the market as a whole softened, in terms of activity, it has been encouraging to see that the prime Yorkshire market has remained active with a steady flow of new properties to the market, albeit buyers are adopting a far more considered approach to their purchasing plans.
Buyers in the investment market have remained busy in 2014, attracted by yields well in excess of investment returns available from savings and other asset classes. Tenant demand has remained high and the relatively low level of new stock entering the rental market has been a key reason why rental values have remained comparatively high.
The Chancellors Autumn Statement finally reviewed the way in which Stamp Duty is calculated and brought about sweeping changes to a progressive tax structure.
This is likely to be welcome news for many buyers in 2015 looking to purchase below £1 million, albeit is likely to be far less welcome news for prime buyers, who in some instances will now face significantly higher charges.
Looking ahead for the next twelve months, we predict that there will be a ‘feel good factor’ returning from the Stamp Duty shake up and the positive press that has been associated with this.
However, the General Election will disrupt market activity in the months leading up to it, and slower conditions brought about due to this may present a good opportunity for some buyers. Post-election, we are likely to see normal market conditions return and renewed levels activity as sellers and buyers alike move forward with their plans, to make 2015 the year they move home.