Unpacking the Housing Market in Barnsley: Trends, Impacts, and Future Outlook: PART 1

Over the past 5 years, the housing market in Barnsley has undergone significant changes. From 2018 to 2022, the average price of a 2 bedroom home in Barnsley increased by approximately 6.7%, while the average price of a 3 bedroom home increased by approximately 9.2%. This indicates a higher demand for larger homes in the area, likely due to the increased need for space due to remote work, schooling, and other lifestyle changes caused by the pandemic.

In 2018, the average price of a 2 bedroom home in Barnsley was around £99,000, while the average price of a 3 bedroom home was approximately £145,000. By 2022, the average price of a 2 bedroom home had increased to around £106,000, while the average price of a 3 bedroom home had risen to approximately £159,000.

The increase in house prices is likely due to a combination of factors, including a shortage of housing supply in the area, low-interest rates, and a growing economy. Additionally, the pandemic has led to an increase in demand for larger homes with more space, as many people have had to adapt to remote working, home-schooling, and other lifestyle changes.

Another factor that has impacted the housing market in Barnsley is the government's Help to Buy scheme, which has helped many first-time buyers get onto the property ladder. The scheme allows buyers to purchase a new-build home with just a 5% deposit, with the government providing a loan for the remaining 20%. This has helped to stimulate demand for new properties in the area, which has driven up prices.

Overall, the housing market in Barnsley has seen significant changes in the last 5 years, with an increase in demand for larger homes and rising house prices. The average price of a 3 bedroom home is now approximately 50% higher than that of a 2 bedroom home, indicating a strong preference for more spacious properties. As the economy continues to recover from the pandemic, it remains to be seen whether this trend will continue or whether the market will adjust to a new equilibrium.

Read Part 2 of this blog by clicking HERE

Unpacking the Housing Market in Barnsley: Trends, Impacts, and Future Outlook: PART 1

Recent Articles

Ageing Landlords Exit, Leaving a Void in the Rental Market

Indicative LHA Rate Boosts Unveiled for 2024/2025

Reforming Council Tax Valuation of Houses in Multiple Occupation (HMOs) - A Government Response

Section 21 evictions ban to be indefinitely delayed until court reforms