Market Brief: A busy summer for the York property market
The property market here in York has continued to be incredibly busy throughout August with a surge in sales. Rightmove’s most recent house price index reflects this, indicating that sales in Yorkshire and the Humber have increased annually by 10.1%.
This busy period is being largely attributed to the fast approaching Brexit deadline with people eager to complete their moves before the 31st October. When Parliament resumes on 3rd September, we are unlikely to hear anything positive from the media and whilst Brexit is undoubtedly a hurdle we will have to clear, I am quietly optimistic that it is not as high as we had once imagined, nor as the media like to portray! The process has been so long and drawn out that people are realising they need to make decisions regardless of the outcome - life will carry on and people will still need somewhere to live!
It is expected that the property market in the South will feel the effects of Brexit most heavily. Many developers have already chosen to leave London, instead investing in northern cities like York, Manchester and Leeds where the market is predicted to be more stable after 31st October. The decision for London based Palace Capital to invest in Hudson Quarter is already proving a success with over 30 apartments already reserved.
If you are thinking about selling your home, it is, however, still important to make sure your property is marketed at a realistic price. It can be tempting to choose an agent who inflates the valuation of your home; but, this could mean that your property will fail to attract genuine prospective purchasers and risks it going stale on the market. Pricing your property correctly is key to achieving a successful sale in the best possible time frame.
If you have any questions about buying or selling your property, please don’t hesitate to get in touch.