Market Brief: The Countdown to Christmas is on...
We are now in a traditionally busy period of the year as buyers rush to find a home before Christmas. This is a short window which often closes by the end of November. Despite the General Election result disrupting the Spring market, buyers and sellers alike seem to be taking the view that life continues as normal regardless of the fears over the economy and Brexit.
There is the prospect of a small interest rate rise next month but perhaps this should be seen as a good news story as the economy is at long last starting to heal following many years of recession and difficulties.
There is undoubtedly change ahead in the housing market with taxation changes to Buy to Let properties, possible legislation to curb agents charging fees to tenants and with the recent Labour Party Conference the spectre of rent controls should a Labour government come to power. Perhaps we should be pleased that at long last housing is coming to the forefront of British politics as it has to be one of the most important issues in the UK.
Here in York there is still a shortage of properties for sale and on a number of occasions during the last month, houses have sold within less than 24 hours, some going to Best and Final Offers and making up to 20% over their asking prices. This is an indication of the appetite for good homes in our wonderful city.
Next weekend, 7th and 8th October, we open our latest development, Nelson’s Yard, the conversion of a former Coaching Inn by Northminster Properties. The coaching inn is being converted to two houses with six contemporary townhouses to the rear all providing off street parking, courtyard gardens and roof top terraces overlooking the city centre. We already have a tremendous amount of interest and look forward to a busy weekend.