News

Market Update

January saw a marked improvement
following the slow down to
Christmas last year. Activity
within the marketplace was particularly
high for buy to let investors
and potential buyers looking for
second homes, trying to beat the
3% rise in stamp duty. The New
Year optimism we see always
gives a honeymoon period for the
marketplace as we move into
January and this will now build as
we move towards the main Spring
market in March, April and May.
The biggest problem within the
marketplace, both here in York
and nationally, is the lack of stock
available. This has been exasperated
by the low levels of building
which have taken place during the
recession and the construction
‘machine’ takes a long time to get
going again due to the slow process
of Planning and the need for
construction trades which were
vastly reduced during the years of
recession. The result of this lack
of supply is the continued rise in
prices due to the simple equation
of supply and demand economics
as the buyers out there want to
live in York with very few properties
to choose from. Properties
coming on the market within the
most sought after areas of the
City have been sold the same day
as coming to the market. 

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