DEMAND for homes in York has risen by over a fifth in the last 12 months.

New figures show house prices in York are rising faster than the UK national average with property sales in York agreed in just 27 days on average.

New research released today from Zoopla, shows the property 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 studies multiple local housing trends and prices on an annual basis. The data shows that the average house price in York is now £250,000, with prices rising by 3% in the last 12 months, racing ahead of the national average of 2.5%.

Gardens and garages are top of the list for York house hunters. They’re the two most popular Zoopla search terms locally.

 

The data about property sales in York revealed by Zoopla shows:

● House prices in York have risen by 3% in the last 12 months, outstripping the national average of 2.5%

● York’s average house price is now £250,000

● Demand from buyers for homes in York has risen by 28% in the last year

● The number of homes for sale in York has increased by a third (34%) since last summer

● The average time to sell a home in York (listing to sold subject to contract) is 27 days, mirroring the UK national average

● House prices in York have risen cumulatively by 19.4% in the last five years, beating the UK national average of 18%

● Three-bed 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 Rental demand racing The York Zoopla House Price Index also looks at trends and behaviour in lettings.

The lettings market follows a similar trend to sales.

Rents and tenant demand are up, and the supply of property is keeping pace. The data shows:

● Annual rents have risen by 4.5% in York since July 2019, one of the strongest rates of growth in the UK

● The average time to let a property locally is 13 days

● The number of properties available to let has increased by 11% in the last year, while tenant demand has gone up by 12%

● The average rent for a property in York is currently £830 per calendar month

Gráinne Gilmore, Head of Research at Zoopla, added: “While York saw a rise in demand from tenants and homebuyers after lockdown eased in mid-May, these levels of demand have now eased. Even so, the levels of demand among buyers in the city was still 28% higher between May and July than the same period last year.

The search for space among buyers and tenants post-lockdown is reflected in the types of homes for which they are searching, with the most popular property type being a 3-bed semi-detached house.”