Analysis of the York housing market as property prices and rents rise
By Sharon Dale, Yorkshire Post
Wednesday, 9th September 2020, 1:35 pm
Property market bounces back strongly in York with higher than average price rises
New research by property portal Zoopla shows the housing market in York is bouncing back strongly since the easing of lockdown restrictions and the introduction of a Stamp Duty holiday. Zoopla’s York House Price Index shows that the average house price in York is now £250,000, with prices rising by three per cent in the last 12 months, pushing ahead of the national average of 2.5 per cent.
Demand for homes in the area has increased by 28 per cent since last summer and this demand is being satisfied by bountiful supply as the number of homes on the market has risen by 34 per cent. Gardens and garages are top of the list for York house hunters. They are the two most popular Zoopla search terms locally.
Zoopla’s data on York also shows that the average time to sell a home in York is 27 days, mirroring the UK national average and that house prices in York have risen cumulatively by 19.4 per cent in the last five years, which is higher than the UK average of 18 per cent.
Three-bedroom semi-detached houses are the most searched-for properties in York The top five most popular search terms on Zoopla for buyers in York are garden, garage, parking, detached and bungalow.
The lettings market in the medieval city follows a similar trend to sales. Rents and tenant demand are up, and the supply of property is keeping pace. The data shows that annual rents have risen by 4.5 per cent since July 2019, one of the strongest rates of growth in the UK. The average time to let a property locally is 13 days and the number of properties available to let has increased by 11 per cent in the last year, while tenant demand has gone up by 12 per cent. The average rent for a property in York is currently £830 per calendar month.
Gráinne Gilmore, Head of Research at Zoopla, says: “While York saw a rise in demand from tenants and homebuyers after lockdown eased in mid-May, these levels of demand have also now eased. Even so, the levels of demand among buyers in the city was still 28 per cent higher between May and July than the same period last year.
“The hunt for space among buyers and tenants post-lockdown is reflected in the types of homes being searched for.”