WHAT’S HAPPENING IN THE YORK MARKET THIS SUMMER?

Posted on Monday, August 7, 2017

Now that all the excitement of the general election has died down we seem to have settled into a fairly typical summer market here in York.  The phone isn’t ringing as much as it did in the spring but it’s very much a case of quality rather than quantity as far as viewings and offers are concerned.

There’s been a lot of talk in the media about a ‘cooling off’ and general slow down in the housing market but this isn’t entirely the case.

House prices rose in Yorkshire by 1.7% last month, which is an annual rise of 3%.  Nothing earth shattering there but in my opinion steady, not extreme, house price growth is a good thing.

At Peter Moody & Co we feel like we’re a bit stuck in the middle at the moment!  We are finding that the sub £250k market has slowed with fewer investment buyers (due to changes in the government tax rules) whilst the top end of the market has slowed due to an unusual oversupply of property for sale.  Our core sales market is between £250,000 and £700,000 and here there is a chronic lack of homes coming up for sale.  We have plenty of buyers but there just aren’t enough properties out there for them!

Of course all this is wonderful if you’re a seller as this is fuelling price rises much higher than the 3% annual rise but not so good for buyers.

So if you are thinking of selling please do get in touch.  Don’t be put off by any negative press or talk of summer slowdowns – there are plenty of good quality proceedable buyers out there just waiting for their perfect home to become available.

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