York Property Market Forecasts for 2019
There is only one thing we can be certain of in 2019 – Brexit will continue to dominate the headlines!
The impending uncertainty that the ever-nearing March 29th deadline brings makes it difficult to predict exactly how the housing market will fare in 2019.
We do, however, predict that York will weather the storm well, whatever the outcome may be. The city continues to be a hugely desirable place to live, work and invest and has won a whole host of ‘best city’ awards in the last year!
Connectivity is key to the city’s future growth and is something that has really come to the fore for York this year. With an increasing number of people looking to move out of London and the Southern counties, York is becoming a popular destination. We now have the fastest broadband speeds in the UK and with excellent mainline transport links, the city is ‘ultra-connected’. This is something that will only continue to attract people to York.
The level of confidence in the city’s housing market can be seen in the number of new developments that are set to launch in 2019; Hudson Quarter, St Joseph’s Convent and further development on Pavement and Castlegate to name but a few.
Although there are plenty of new properties being built, demand will continue to exceed supply in 2019 and this is likely to result in prices continuing to rise, albeit perhaps more slowly than in recent years.
The lettings industry looks set to undergo big changes in the next year with the Tenants Fee Ban expected to become law in April. The ban on tenant fees will undoubtedly see rent rates increase as agents and landlords look to make up the shortfall in income in other ways.
It will be interesting to see how events unfold in the coming months as 2019 looks sure to be a year of change on all fronts!