Market Brief: A stable property market as we head into the summer holidays
In June, we reported that the property market in York is holding steady. This has continued into July and the market is busy. We are seeing a high level of interest for the time of year and more active buyers than in previous months. The start of the school holidays means the market is often hard to predict, however the signs are positive at the moment.
It’s reassuring to see that this positivity is now being felt more widely, as according to the latest results from the RICS UK Residential Market Survey, a more stable trend is now emerging across the UK housing market. In June, interest from buyers rose by 10% the highest monthly hike since shortly after the 2016 EU referendum and sales also showed an increase.
The most recent House Price Index figures show that the average UK house price has risen by 1.2% in in the year to May and here in York they are above average having risen by 2%. On the other hand, London property prices have fallen by 4.4%, the biggest drop since August 2009, with the uncertainty surrounding Brexit given as a major reason for this decline.
The response to the opening of the Hudson Quarter Marketing Suite has shown that there is a good level of demand for high quality, well located properties. In the two weeks since opening we have reserved 40% of the first building to be released with a real cross section of buyers.
We are looking forward to the release of another new city centre development at the Former St. Joseph’s Convent on Lawrence Street. Located within two minutes walk of the City Walls, this is a unique development of nine, 1 and 2 bedroom apartments along with a 2 bedroom house and four single bedroom new build houses within the grounds.
As always, York is a hive of activity throughout the summer months with exciting events and festivals taking place and plenty to see and do in the city. It’s always nice to see the city being enjoyed so much by both residents and visitors! Plans for the ‘renaissance’ of the ‘Roman Quarter’ have recently been released with huge investment to create a new Roman visitor attraction, a hotel, apartments, offices and new cafes, shops and restaurants! This is sure to add a whole new dimension to the city for and is something we can all look forward to enjoying!
I wish you all a relaxing summer break, (if you’re able to have one!) and if you do have any questions about buying or selling your property, please don’t hesitate to get in touch.