The Current State of the York Property Market
25th February 2019 posted in Property News
York has always been considered a desirable place to live.
And it’s easy to see why. A city with a deep history, wonderful architecture, and full of character.
It’s also had a lot of investment, meaning there are more job opportunities in the city centre than ever before.
And not to mention, it’s where the Hunters head office is based! It’s a very popular day out for people in the surrounding areas, but also a fantastic place to live.
We’ve taken a look at what the current property market is like.
Housing Prices Have Gone Up
Like most places in the UK (except for London, oddly), housing prices in York have been on an upwards trajectory for a few years now.
Between January 2015 and January 2019, the average cost of a property increased from £213,579 to £254,412.
That marks growth of approximately 19.1 percent.
Each type of property has seen an average increase in property prices - whether it be flats, terraces, detached or semi-detached homes.
Naturally, detached houses are on average more expensive than any other type.
All of this data was taken from the official Land Registry App.
Property Sales Remain Steady
The number of property sales recorded every month hasn’t changed much since early 2015.
As in any industry, there are highs and lows throughout the year. But the stats show a pretty consistent volume.
In January 2015, there were 226 property sales in York. Four years later, that figure was 268 - so a slight rise, but not much.
The industry hit a peak in March 2016 when 461 sales were made, but a period low came just the next month, when only 169 were sold.
It remains to see where these numbers go in the near future - with the uncertainty of Brexit, we just couldn’t say.
What About First Time Buyers?
As you might expect, first time buyers spend less money on a property than existing owners.
On average, they spend about £218,533, as of January 2019.
That represents an 18.4 percent increase since January 2015, when the figure was £184,560.
As you can see, this is less than the increase of average property prices during this time period - by just 0.7 percent.
On the other hand, for existing owners the increase was 19.7 percent - from £239,067 to £286,246.
So things are actually a little easier for first time buyers, it would appear. They’re paying more - but that growth hasn’t affected them as much as it has existing property owners.
Hunters - Property Services
We mentioned earlier that Hunters has its head office in York.
But we also have a local lettings and estate agents - here to take care of all your property needs.
Our team is full of experience with the local market, so can help you in any way you like. Whether you want to buy, sell, rent or let a home.
You can read all about our York branch here.
And browse properties currently available to buy, and those on the lettings market.