It’s been a turbulent time for the housing market this year.

Thanks to the coronavirus pandemic, the market has undergone a series of changes with house sales and property prices drastically fluctuating.

The UK experienced a property boom in the summer and Rishi Sunak announced a stamp duty holiday for properties less than £500,000.

While we are well aware of the UK’s property market have you considered how it compares to York’s?

A spokesperson for Hudson Moody’s Estate Agents in York said the lockdown has forced local people to re-evaluate their living situations.

They added: “Younger peopled have looked for more space to work from home and increasingly looking for garen space.

"The older generations have looked to downsize as families are no longer coming to stay and they wish to be closer to family and friends.”

Here is a rundown of how York’s’ property market has changed and fluctuated this year using the most up-to-date data:

The number of property transactions made in York

(Data from January- September)

According to Land Registry, 2299 property transactions have taken place in York between January and September which is 44 per cent less than last year’s figures (4129).

Research by We Buy Any Home found that house sales enquiries in York decreased by 62.5 per cent  this year when compared to last; this is the third highest figure in Yorkshire.

As you can see from the chart, York’s property transactions has fluctuated significantly this year.

At the start of the year, York’s transaction figures appeared to be following a similar trajectory to 2019’s figures.

However, March’s lockdown is reflected in York’s property transaction figures as people were asked to stay inside and property viewings were unable to go ahead.

Between March and April, the number of property transactions made decreased by 66.3 per cent.

Like the rest of the UK, York experienced a slight property boom during the summer months.

Property transactions increased by 127 per cent between April and June.

Despite this significant increase, these figures are no way near as high as 2019’s figures.

July 2019’s figures are 100 per cent higher than July 2020’s.

How house prices have changed in York

The introduction of the stamp duty holiday until 31st March 2021 means that it is now cheaper to move- Hudson Moody Estate Agent said buyers are taking advantage of this.

They said: “Stamp duty has created a mini boom in the York area as in other parts of the country…  the impact of this has been an increase in prices which has been fuelled by the stamp duty holiday and low interest rates.”

As you can see, average house prices in York have been steadily increasing- even before the pandemic.

In January 2020, the average house price was 1.9 per cent higher than in January 2019.

When you compare January 2020’s figure to the most up-to-date September figure, property prices have increased by 2.3 per cent.

While other towns and cities in the region saw a dip in house prices during lockdown, York’s property prices continued to climb- something Moody Estate Agent thought could be due to increased property interest from people from the South.

However, between May and July the average house price saw an unexpected dip and decreased by 1.6 per cent.

Like the rest of the country, York saw a property price boom between July and September when the average house price rocketed to £263,600- an increase of 2.7 per cent between July and September.

This September’s figure was also 1.7 per cent higher than September 2019’s.

What do the experts predict for the future?

As with many things in the current climate, experts predict that the future of the property market is uncertain.

Mark Irwin, Marketing Director at WeBuyAnyHome said: “The property market, like the global economy, has gone through unprecedented changes in 2020- and the truth is that no one can be exactly sure what will happen next.

“We anticipate lower value properties that don’t benefit from the stamp duty reduction to be more acutely impacted, especially as they tend to belong to lower income residents who may be more susceptible to job losses and need to sell as a result.”