York house prices approaching pre-recession heights

Average house prices in York for 2014, currently at £211,820, are approaching the levels experienced at the height of the market in 2007, when they stood at £215,708

Average house prices in York for 2014, currently at £211,820, are approaching the levels experienced at the height of the market in 2007, when they stood at £215,708

First published in Business news
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HOUSE prices in York are approaching pre-recession heights as estate agents in the city report strong market conditions and a rising number of sales.

Although there are still fewer property sales in the region than before 2008, average prices for 2014, currently at £211,820, are approaching the levels experienced at the height of the market in 2007, when they stood at £215,708.

The figures, from property data collator Real Hub, show that York has outperformed all outer city regions in North Yorkshire with house prices increasing by around10 per cent over the last five years, and transaction levels up by 6.8 per cent for the same period in 2013.

Talking about what has been selling well in York, Ben Hudson, director at Hudson Moody based in Micklegate, said: "Certain areas, such as South Bank and the city centre, have faired better than others.

"New builds and period houses have been very popular and thus prices have risen on these types particularly. "

Figures suggest the first six months of 2014 saw strongest price growth in outer west areas, on the A64 and A59 corridors, with prices increasing by 9.6 per cent on the same period in 2013.

Terrace and semi-detached properties were the most consistent between 2009-2013 with prices rising by 17 per cent and 16 per cent respectively.

Also reporting popularity in period property sales, Charlie Lancaster, director Lancaster Samms in High Petergate said: "The market has continued to strengthen this year, with the most recent example being a reverse of the usual seasonal slow down of sales in the school holiday as we sold 16 properties in August 2014 compared to nine in August 2013.

"The time our properties take to sell had reduced this year to an average of six weeks to the point at which an offer is accepted, however for a large percentage of the period homes we are selling usually take a number of days."

Following the "steepest post-recession price rise", Ian Preston, managing director at Walmgate-estate agent Preston Baker, suggests the market is "slightly cooling from white hot to red hot".

He said: "The sales rate increased to well over 100 per cent of new listings in summer 2013, meaning a contracting supply, so when comparing the number of new sales agreed for July and August it has actually decreased for us from 59 last year to 52 this year.

"Due to a contraction of supply there has been a massive increase in the average capital value.

"In the same period last year our average price on new houses was £202,048, this year it is £240,328.

"My prediction is that the rate of growth will slow, but this will lead to a more sustainable market that is good for everyone."

Commenting on the upper end of the residential market Swinegate-based Toby Cockroft, of Croft Residential, said: "The market has gone from strength to strength. With enquiries, viewings, offers and transaction rates all on a fast-paced upward trajectory, the question is whether this can continue. ‘Most probably,’ is the answer to that.

"Record breaking prices have been achieved this year by the outstanding Bonding Warehouse scheme, where we sold York’s first million-pound penthouse apartment off plan to a local family.

"Meanwhile, just this week a four-bedroomed family residence in St John Street sold for the asking price within a week of going on the market."

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