Ilkley and the surrounding areas saw a steady year in 2016 as the supply and demand seesaw continue to lean towards a buoyant market for well priced property.
Across our region we have seen a 4.5% increase in houses prices in the last 12 months with the average price in Ilkley now sitting at an encouraging £370,456. With many tipping Brexit as a catalyst for a down turn in property prices, our area appears to have weathered the initial effects thanks mainly to continued low supply, favourable mortgage rates and ever increasing popularity in the Wharfedale valley. The area continues to attract all ages and walks of life. With good school results, an abundance of local recreational facilities and ever increasing social venues.
The buy-to-let market also saw some strong activity in 2016, much of it fuelled by buy-to-let investors trying to beat the 1st April deadline before stamp duty costs went up three per cent on second homes. Mortgage rates are favourable for both owner occupied properties and buy-to-let properties and this is likely to have a positive impact on the future local market. With investors choosing Ilkley, Burley-in-Wharfedale and Menston due to attractive yields and long term appreciation, we expect this growth to continue in 2017!
Despite future uncertainty with wider market issues in terms of the on going Brexit negotiations, we expect continued buoyant conditions for landlords, buyers and sellers. Should you be considering selling your home or investing in a buy-to-let property, make sure you contact Linley & Simpson to see how we can help with your property journey.
Our next feature will be on Burley-in-Wharfedale, taking a closer look at the area and why it is so popular with buyers and tenants.
Property of the month
Main Street, Addingham
A grade II listed, four bedroom cottage - £337,500
Click here for more information.