Why York when it comes to property

Gemma Patchett-Thomas, Licensed Conveyancer in our residential property team gives her take on the property market in York.

Since 2020 we can all agree that it has been tumultuous for the UK housing market to say the least, with the pandemic boom and then the mini-budget in 2022 having differing effects on property prices. As the pandemic saw more and more homeowners wanting to swap the crowded city life for a more relaxed pace, suburban and rural areas in particular saw a huge increase in prices.

Now as we move into 2023, industry experts are reporting that the housing market is expected to cool off as mortgage interest rates and the cost of living continue to rise. With The Bank of England raising their rate from 3.5% to 4% - the highest in 14 years- and Banks and Building Society’s expected to lend 23% less to homebuyers, this will no doubt have a dampening effect on the housing market as a whole.

But then there's York... bursting with culture, history, retail therapy, sporting venues, bars and restaurants, strong educational facilities and a variety of business sectors, there's something for everyone. This charming city with Roman origins, has York Minster and Clifford's Tower offering marvellous views of the city but also the well-visited York Racecourse and entertainment venues such as The Barbican and York Theatre Royal and large open parks. The city offers activities for families, couples, people celebrating, and has a vibrant resident and older person community.  Being surrounded by peaceful villages and countryside, it sounds the perfect place to settle. Voted Best Large City for city breaks following a survey by Which?, York certainly has a lot to offer.

So, what about property prices? Rightmove have reported an overall average property price of £314,807 in York over the last year, this being up 8% of the 2020 peak of £292,371. Due to the demand for properties in York, the interest rate rise and cost of living increase aren't having much of an impact, yet. Whilst property prices in the area may take a dip, I would expect this to be a steady levelling out rather than a dramatic decrease and those looking for a long term property are not likely to be deterred by this; in fact, quite the opposite given what we have and are still seeing with property purchases in and around York.

If you are looking to buy, who better to act than a firm of solicitors with a long-standing presence in York and the surrounding areas, who were acknowledged as a market leader and providing high quality conveyancing services for clients with their win of the award for Residential Property of the Year at the Yorkshire Legal Awards 2022.