Yorkshire’s property market proved resilient in 2023, defying the expectations set by economic forecasts. As the new year commences, various predictions from mortgage lenders, national property firms, and online portals flood the scene, each offering a distinct outlook for 2024.

While most forecasts adopt a national perspective, what lies ahead on a local level for Yorkshire? Patrick McCutcheon FNAEA, Head of Residential at Dacre, Son & Hartley, reflects on the events of 2023 and provides insights into what the property market holds for Yorkshire in the coming year.

He said: “My maternal great grandfather was, according to family lore, an experienced sea captain plying his trade for decades out of Liverpool, but even the most accomplished mariner would have been incredibly confused by the conflicting tides that have struck the property market over the last 12 months.

“High inflation and the aggressive use of interest rates by the Bank of England should have delivered a shocker of a year. So too the extraordinary levels of activity post covid which should have exhausted demand. And yet we witnessed steady levels of sales and consistent buyer demand across all sectors, with prices, as predicted, even nudging up slightly across the region.

“Only after the summer holidays did we see a noticeable slowdown and even then I would argue that the underlying mood by mid-December was more positive than in September as news on inflation and thus hopes for a base rate reduction become more positive. Confused seas indeed!

“Where to for this year? Buyer demand remains good. Borrowing rates are likely to fall as lenders continue to compete for business. The supply and opportunity for buyers has returned towards more normal levels thus reducing anxiety about the onward move. Looming election aside I believe we will see a return to a more active market, consistent and positive sales volumes and even a little more price growth within our core Yorkshire area.”

Dacre, Son & Hartley, with a rich history spanning over 200 years, stands as Yorkshire’s largest independent estate agent, boasting 20 offices across North and West Yorkshire. For additional information, visit www.dacres.co.uk.