2010 MARKET UPDATE
The UK property market entered more turbulent times around the middle of 2007.
During 2008 we witnessed some of the most depressed levels of market activity in living memory . However, against most commentator’s expectations, 2009 saw an increase of approximately 6% in property values, primarily due to lack of supply.
As we enter 2010 the market commentators are all predicting either a flat or small increase in values, again on the back of a shortage of supply, but in addition to this there does seem more confidence in the general economy and there is a belief that we are about to come out of recession.
York has always faired better than most during recessional periods as it is a very popular city where people want to live, almost equidistance between London and Edinburgh, and within easy access of the main road networks and the city of Leeds.
It is our belief that 2010 will continue the recovery we saw during 2009 and as bank lending eases we are likely to return to a more stable market place.