Property prices in Richmondshire have rocketed by 29 per cent during the past year – the highest such increase in Britain.
The latest Land Registry figures highlight a trend for homeowners seeking a more idyllic lifestyle, says estate agent My Property Box.
Managing director Ben Quaintrell said: “The pandemic has prompted people to reassess their lives and focus on what really matters, home and family. For many, that equates to moving to a rural or semi-rural location.
“This, combined with many businesses and organisations enabling employees to work from home, means it’s no longer necessary to choose between a long commute or having to live close to your workplace.
“It’s no surprise that Richmondshire has seen Britain’s highest increase in property prices, given that it covers a huge swathe of the Yorkshire Dales National Park.
“While it remains largely agricultural, the eastern part of the district is well-connected to the A1M, East Coast Main Line and Teesside Airport.”
Darlington-headquartered My Property Box, which operates across North Yorkshire and the North East, has seen huge uplift in both property sales and lettings.
It reports that all properties it currently has advertised in the Richmond and Catterick area are sold subject to contract and that previous properties have achieved or exceeded their asking prices.
My Property Box also reports a huge demand for rented property in Richmondshire, with each home receiving 20-plus viewing requests within days of being advertised. Most enquiries are from professionals and army employees.
He added: “There’s huge demand for both sales and lets, which is fuelled by the fact that simply not enough properties are coming onto the market.
“There is a reluctance from sellers to advertise their own property until they secure the home they wish to buy. This, in turn, causes a stampede from buyers for any property coming onto the market.
“If people market their home first instead of waiting until they find their dream property, it will create greater choice and end a vicious circle that has created this shortage of supply.”
In July, My Property Box revealed that Richmondshire had topped a regional ranking of rising property prices – with 36 per cent of homes ‘out earning’ their owners, as property values appreciated at a greater rate than local wage increases.
The other top performing areas were all in North Yorkshire. Richmondshire had 8,000 homes that grew in value faster the average wage, followed by Ryedale with 7,000 properties (32 percent) and Hambleton 13,000 properties (29 percent).