York Market Insights: Summer 2019 Edition

Thinking of buying, renting or letting in York? A mix of news stories, as well as people’s general feelings across the country, strongly influences the UK property market. As such, some people refer to it as a “sentiment-led” property market. To help you make an informed choice about York properties, we’ve brought together key news stories relating to the UK property market.

If you’d like to read our previous market insight article, you can find it here.

Renting market

The North East and West Midlands were recorded as the most affordable regions for renters in May 2019.

The average void period across all regions for that month was 20 days.

Buyers and landlords

The percentage of remortgagers fixing for five-years has now grown from 45% in March. The data suggests that an anticipated interest rate increase is driving this surge.

A total of 97% of remortgaging borrowers—including the vast majorly of buy-to-let landlords—opted for a fixed rate deal. Conveyance service provider LMS has noted that 61% of borrowers expected a base rate rise in the next 12 months.

Many people are choosing to improve their existing homes, rather than move to another one.

48% of borrowers have chosen to increase their loan size, to take advantage of the competitive rates being offered. This allows them to alter their monthly repayments, and funnel their additional funding into home improvements.

James Brokenshire—Minister for Housing, Communities and Local Government—has been criticised for suggesting first-time buyers should pay for deposits using some of their pension money. However, officials at the Department for Work & Pensions have responded, saying they didn’t clear the idea and it could carry risks.

The York Property Market

The Land Registry has recorded a 2.14% increase in mortgage purchases in York. Over the last 12 months, Acomb, Heworth and Huntington have been the top three areas for buying a house in the York area. However, York areas act as a versatile and changeable micro-market, and the top areas may shift in the future.

This April, Rightmove reported the largest month-on-month increase in prices of 1.1% in more than a year. There is still a shortage of properties available, and buyers are cautious as a result. Therefore, York property sellers should make sure they provide a realistic asking price.

The most popular properties for sale in York are two-bedroom houses. Because of this, the average asking price for a two-bedroom house is up by 11% (when we compared June 2018 to June 2019).

In comparison, three-bedroom houses are (on average) selling much faster than two-bedroom ones.

The number of flats in York being advertised on the market has increased by 17% year-on-year. However, the number of terraced properties advertised on the market has decreased by 11% year-on-year.

We hope this has given you a better understanding of the York property landscape. York remains a popular area to live and let properties in, and a savvy buyer will find some excellent properties to choose from.

If you’re looking for further advice on buying, renting or letting in York, Quantum’s team have the experience and knowledge you need. All of our staff are dedicated to finding you the right property, and our property insight articles demonstrate the extent of our property knowledge.

If there are any property matters you want to talk about, you can call us on 01904 631 631 or contact us now through our Get in Touch page. If you want to search our properties instead, you can see the homes for sale on our Property Search page.

Shining the Spotlight on Our Team

Behind every great business is a strong team of professionals. We at the Quantum York estate agents are very proud of all our team members, and we’d like to offer our audience further insight into our wonderful team. Shining the spotlight on Liz Anderson Elizabeth Anderson has been working for our York estate agents as […]

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