Katherine Stagg, managing director of Stagg Mortgage Services in Sheffield, told Mortgage Introducer demand has picked up noticeably in recent weeks after a quiet May. “The market is definitely more susceptible and it’s rising. We had a very quiet sort of May and then in June it has definitely picked up.”
Stagg believes affordability relative to London, combined with access to open countryside, was drawing buyers to the region. “The house prices are better. Obviously, the London market is ridiculously expensive but also you’ve got the countryside as well on your doorstep – you’ve got the Peaks, you’ve got Bakewell and everything else.”
Minimum wage rises boost Yorkshire first-time buyer activity
Hull-based Malcolm Davidson, who is managing director of UK Moneyman, told Mortgage Introducer increases in the national minimum wage are a factor making homeownership more accessible in northern regions. “The property prices are so expensive in the south east of England that it doesn’t really have an impact, but it does in the north where property prices are cheaper.
“You still need two earners, but a minimum wage job will get you onto the property ladder. And therefore, I think that’s why our region is holding up better than most.”
Davidson pointed to rising rents and motivated sellers offering flexibility on price as further reasons for buyers to act. “Mortgage rates are round about at normalised historical levels. Rents are going up, so there’s an incentive to buy if you’re a tenant. And there are some bargains to be had because there are some motivated sellers out there who are prepared to consider lower offers.”