Driffield News

Property boom in Driffield and the Wolds

Property prices in Driffield and the Wolds have risen by around 20 per cent during the COVID-19 pandemic, in what one local estate agent has called the most unexpected property boom for decades.

An increase in people working from home and looking to move out of commuter towns to more attractive areas where they get more for their money, is said to be one of the reasons behind the trend.

Simon Dee is a partner at Dee Atkinson & Harrison in Market Place.

He told the Wolds Weekly: “As a property expert for over 35 years working in the Driffield area, I have seen several property booms, but I have to say that the last 20 months have been the most unexpected.

“When COVID-19 forced the first lockdown, there wouldn’t be many property experts that didn’t think that 2020 would be a terrible year for the property market.

“But then came the stamp duty holiday and that together with a desire for some to move to a less urban location, brought about a surge in demand.”

HM Land Registry figures show that the average house price in Yorkshire at the start of the pandemic was almost £160,000, but by September 2021, that had risen by a fifth to £192,000.

We have seen a large number of buyers moving to our region from other parts of the country

Simon Dee

Simon said his company’s data for the YO25 postcode area reflected this trend, with flats seeing the slowest rise and bungalows increasing by close to 30 per cent.

“The basics of economics are that supply and demand are the key ingredients that determine a price,” he added
“Although we didn’t instantly see many properties being taken off market because of the pandemic, the surge in demand meant that the number of available properties dropped sharply.

“To put that into perspective, in March 2020 the agents in Driffield collectively had 375 properties on their books, of which 39 per cent were sold subject to contract, leaving 227 fully available.

“Twelve months later, the total had dropped 12 per cent to 330 but only 91 were available meaning 72 per cent were sold subject to contract.

“Things have continued to go in the wrong direction and there are now only 86 available.

“I would stress that these figures do not include the large new home builders like Barratts and Bellway Homes, which are currently building in the town.”

One key trend which has become clear during the pandemic is that people from outside the East Riding are seeing the Yorkshire Wolds as an attractive place to relocate to, as working from home becomes a way of life for more and more people.

Simon said: “We have seen a large number of buyers moving to our region from other parts of the country, some wanting to move to be nearer family or friends and some looking for more outdoor space or a house with a home office.

House prices around Driffield have risen by around 20% during the pandemic.

“The average price of property in our area is attractive to many buyers who live in more fashionable areas, so it is a case of getting more for your money by compromising on location.

“Although some have come from far afield, the majority of out of area buyers are coming from other parts of Yorkshire, particularly the West Riding.”

With house prices in Driffield booming and many properties being snapped up incredibly quickly, what is the best advice for anyone looking to buy or sell their home at the start of 2022?

“Our advice to anyone thinking of buying or selling is to be decisive and if you are 100 per cent set on moving, you need to get your property on the market as soon as possible, rather than waiting to find the right house first,” Simon continued.

“Draw up a wish list and be prepared to make compromises on certain aspects on that list.

“If you do wait to find the right property first, then there is a strong possibility that you will not be able to sell your property in time to secure the one you want.

“If you sell and then look, you are putting yourself in a stronger buying position when the right property comes onto the market.

“There is always a chance that your buyer might not wait for you to find something, but if you are honest with them from the start, then at least you are being fair to them.”

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