More than 90,000 homes across the North East and North Yorkshire have appreciated in value at a faster rate than average wages over the last 12 months, it has been revealed.
Richmondshire tops the regional rankings – with 36% of properties out earning their owners compared with local wage increases – followed by Ryedale (32%), Hambleton (29%), North Tyneside (12%) and Darlington (11%). [1]
Ben Quaintrell, managing director of estate agent My Property Box, said the figures highlight the huge increase in buyer demand.
“It’s amazing to think that thousands of properties across the region are appreciating at a greater rate than their owners’ wages, especially given reports that average weekly earnings grew by 8.4% in April, compared with the same time last year.
“It’s a situation that has been created through a combination of increasing buyer demand and fewer properties coming onto the market.”
The report found a total of 91,000 homes across 14 council areas in the North East and North Yorkshire whose value had outstripped average wages during the last year.
Ben added: “The pandemic has highlighted just how important your home is and, as a result, people are seeking more space and a garden.
“The figures certainly highlight the popularity of homes in Richmondshire, Ryedale and Hambleton, reflecting another trend of people seeking a better quality of life by moving to a more rural setting.
“Darlington is also proving popular given that, as a market town, it is well placed for the North Yorkshire Moors, Yorkshire Dales, and North Pennines. There is also a focus on property in the area following the announcement that the Treasury campus is moving there and the many opportunities that will create.”
Darlington-headquartered My Property Box is also experiencing a similar growth in demand for home rentals.
The figures released by property website Zoopla reveal that the average wage in Richmondshire is £23,900 while the average property value is £228,000. The number of homes increasing in value compared with the average wage within the last year stands at 8,000 or 36%.
Hastings in East Sussex topped the national ranking with the value of 62% or 18,000 homes outstripping average pay rises.