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Yorkshire property prices boom – as gazumping makes a comeback

It’s official – the North is better than the South! That is, when it comes to the latest house price index.

It’s good news for Yorkshire – the Nationwide house price index puts the region as the top performing area in England. In the last quarter, properties in the region have risen three per cent year-on-year, bringing the average Yorkshire house price to just under £160,000.

Yorkshire’s definitely outperforming many of its counterparts, with a UK average rise of just 0.6 per cent in April to June, compared to 2018. London actually fell 0.7 per cent, although our Northern neighbours the North West saw a 1.2 per cent increase, and those in the North East a 1.8 per cent rise.  Generally the North outperformed the South with an average 2.1 per cent growth as opposed to a 0.7 per cent fall. Outside of the English borders, Northern Ireland actually saw the biggest gains in the UK, of 5.2 per cent, followed by Wales at 4.2 per cent.

But new research has also shown a worrying trend for failed moves and that old favourite – gazumping – which tends to be more prevalent when prices are rising well. For those who haven’t experienced the situation before, it’s when an offer is accepted on a home and the sale progresses, but then someone else comes in with a higher bid which is subsequently accepted, ‘gazumping’ the original purchaser. This is entirely legal in England, as no official and binding contract is in place until the exchange – however, obviously it can leave buyers out of pocket and devastated.

Research from Phil Spencer’s website Move IQ found that a third of property sale fall-throughs happen within three weeks of a property being ‘Sold subject to Contract’ and 58 per cent within six weeks – by which point many costs might have been incurred for those looking to buy the home. Apparently 16 per cent of would-be buyers were gazumped in England and Wales over the last year – but that figure rose to 35 per cent in Sheffield and 20 per cent in Leeds.

At Britannia Turnbulls we’ve seen firsthand the devastation which can be caused when a property sale falls through, especially the later on in the process it gets. Surveys have taken place, removals services secured….it’s one of the reasons we always suggest people consider cancellation and postponement insurance, just in case plans need to change. It’s also a reason some of our customers decide to move out of their home anyway and put their belongings in storage with us, whilst they temporarily move into a short term rental or stay with family, giving them time to find a new house. Sometimes it’s not worth losing the sale already in place, and it can put them in a good position to offer on another property – hopefully one even better than the one that fell through!

So, if the worst happens and your planned purchase doesn’t go ahead, it might not be the end of the world – we’re always happy to offer our advice on removals and storage so if we can be of any help you know where we are…

Need advice? Call our friendly team today on 0113 262 4111.

Britannia Turnbulls of Leeds