Fortunately for us we’ve heard word that an entire Yorkshire village has been sold to a wealthy buyer for a staggering £20 million. As the Brexit hangover starts to clear property has once again weathered the storm in order for investors to find safe haven.
Comprising 46 houses, a 21-bedroom stately home, a pub and over 2,000 acres of farmland, West Heslerton Estate in North Yorkshire was billed as the village where time stood still when it was put up for sale earlier this year.
The estate had been owned by the Dawnay family for over 150 years, but Eve Dawney, who inherited the village from her father, died in 2010, with no direct heir. Ownership of the village passed to her extended family, who subsequently decided to sell it. The late Ms Dawney played a fundamental part in maintaining the village as a working hub, keeping rents low, and supporting a primary school, as well as the village’s football, cricket and bowling teams. West Heslerton boasts a pub, playing fields, sports pavilion,43 let houses and a population of around 375 people, not to mention thousands of acres of rolling Yorkshire pastures.
According to the listing for the property on Rightmove.co.uk, the village will currently yield a total annual rental income and agricultural and environmental subsidy income of around £390,000 a year. The news comes as some experts are recommending property investment as the best way to see strong and consistent returns amid the post-Brexit economic turmoil. As wages and savings are being suppressed due to the uncertainty of the UK leaving Europe, home buying is becoming a less and less realistic prospect for a majority of young people.
Priorities are set to change over the coming years as young people now concentrate on employment prospects and education, which has already seen a large influx in to urban city centres as universities process record numbers of applications and city centres struggle to keep up with housing demand from workers immigrating for higher paying jobs.
As off-plan property continues its growth in popularity from investors, so too does demand from private renters keen for quality housing close to employment in city centres. As demonstrated by the outrageously priced village there is still huge value and opportunity in the property market. As post-Brexit blues bite these trends are set to continue across the UK with the capital, London, braced to take the brunt of the troubles. Northern cities like Manchester, Leeds and Liverpool are reaping the rewards of this shift as big business is beginning to relocate to areas such as Salford Quays which already enjoys the company of The BBC. These areas are now seeing a huge increase in demand for off-plan property from investors and renters alike as more and more people are relocating to The Northern Powerhouse areas.
Most will not be able to afford to buy a luxury village in Yorkshire but it goes some way to showing the pull and resilience of a property market that continues to turn impressive profits and capital gains for investors.