Market Brief: Spring is in the air
The Clocks have changed and the daffodils are out, signalling the start of the traditional spring market. We are now starting to see more houses coming onto the market which helps with turnover as sellers often wait to find something to move onto before placing their own property onto the market.
The volume of first time buyers is also high given the historically low interest rates and now that Article 50 has been signed, the Brexit cloud hanging over us is starting to move as buyers and sellers alike are realising this will be a long process and life continues anyway.
Development of new homes within the city remains at a low ebb whilst the Council procrastinate over the local plan, but there are still a few smaller exclusive developments coming forward. We will soon be marketing Nelson’s Yard, a renovation on Walmgate of a former public house which will include two houses and six new homes to the rear. For more information about this development, please contact our York City Centre office.
As we look forward to the rest of 2017 I suspect there will be ups and downs during the Brexit negotiations, but generally speaking with the lower interest rates and lack of stock available, together with the popularity of York itself, the property market looks set to remain busy.