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Surprise at ‘falling house prices’ claims
HOUSING market experts in York say they are baffled by new figures which put the city as the fourth worst in the UK for tumbling property prices.
According to the latest Nationwide House Price Index, which provides a quarterly snapshot of movements in the housing market, York has seen a year-on-year drop of six per cent in prices, with the average cost of a home in the city now said to be £209,364.
Only Belfast, Manchester and Bradford have performed worse than York in the large towns and cities category, say the latest figures.
Robert Gardner, Nationwide’s chief economist, said: “Yorkshire and Humberside and the north-east were the weakest performing English regions, with prices down two per cent over the year.”
However, agents in York say the figures do not match with what they are seeing in the city.
Charlie Lancaster, director at York-based Lancaster Samms property consultants, said: “We are very surprised with the findings. One of the reasons we opened this year was due to price stability in the York market.
“Since the start of this year we have achieved sales at the same level and in some cases in excess of prices paid at the height of the market.”
Meanwhile, Ben Pridden, head of residential at Savilles in Micklegate, said: “Nationwide’s figures are not born out in our core market. Certainly the best houses in the best addresses are still selling well and for figures close to the top of the market.
“What I am seeing, though, is a greater degree of price sensitivity – there are one or two houses struggling where the guide price is high.
“At the beginning of the year people would look anyway and make a bid, now unless the price is right people will simply not make the effort to view.”
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