Market Brief: High demand for property continues
The York market has been extremely busy this month and prices have been underpinned by the lack of stock available, particularly in the prime areas of the City centre and most popular villages surrounding York.
The snap General Election, which has been called following the Easter holidays, would normally put a brake on the housing market due to the uncertainty this will cause, however with most commentators assuming a bigger majority for the present Government and thus strengthening the hand of the Prime Minister in her Brexit negotiations, this has generally been well received in the economy with a higher pound and I suspect this will filter through in the housing market. The short window of only 6 weeks is likely to have little effect given the continued shortage of housing available in York.
York continues to be in the newspaper columns with The Shambles recently being named as the UK’s prettiest street and we are continuing to find that the very best houses are fought over with best and final offers becoming a weekly event.
There is no sign of the local plan being adopted which continues to sterilise new developments in any quantity so I suspect that in the medium term prices will continue to rise due to the housing shortage this is causing.