YORK
PulsE
experiencing the bottom of the cycle
although another quarter’s data will
probably be needed before a definitive
conclusion can be reached,
Richard Sexton, Director of Business
Development at e.surv Chartered
Surveyors, says that the York property
market is showing more signs of activity
due to the diverse employment available
and a developing economy, with the
industries of technology and science
becoming more prominent. “In
comparison with 2008, vendors are now
being more realistic,” he says.
“Some are taking low offers to achieve
sales but presumably are making it up at
the other end. The lower end is taking the
biggest hit. Expensive properties are
performing better but there are still some
bargains available.”
“Three bed semis seem to be selling best
but also quality rural properties are
showing that demand still exists and there
are still good prices being paid with
bargains available in some areas. The flats
market is probably worst hit due to
oversupply, particularly of new build.”
Ben Pridden, Head of Residential Sales at
Savills York office, added that price falls
slowed significantly during the first quarter
of 2009. The company’s prime property
index values fell by three per cent in this
quarter, compared with 6.6 per cent in the
final quarter of 2008, resulting in total falls
of 19.3 per cent from the peak in
September 2007.
Ben Pridden agrees that there are some
positive signs in the market place. “We
believe that if sellers are prepared to reflect
the recent decline in values when
considering a price prior to marketing,
ProPerty Prices in yorK by tyPe The River Ouse winds their homes will sell. We all know houses
through York providing that have sat on the market for months and
no. of Average Median Average
properties price price
toM
some great property even years, almost without exception the
settings and a wonderful reason will be they are quite simply too
Flat 239 £173,033 £145,000 249
place for cold beer much money,” he comments.
Terraced 270 £207,616 £159,995 177
Like e.surv Chartered Surveyors, Savills
Semi-detached 367 £188,231 £179,950 191
are hopeful that they are near the end of
Detached 293 £281,723 £265,000 215
this cycle with the market bottoming out
Note: The prices for York were calculated by sampling over all properties for
in the first part of 2010. “People are
sale in the
Home.co.uk property search within three miles of the city centre
beginning to buy houses again – but as
homes and not the investment vehicles
ProPerty Prices in yorK by no of bedrooMs they became,” Ben Pridden adds.
Reuben Barrett, Managing Director of
no. of Average Median Average
properties price price
toM
Coalters Estate and Letting Agents York
(pictured), is less optimistic. He believes
One bedroom 114 £116,157 £114,995 250 days
although transaction levels are at around
Two bedrooms 428 £164,376 £154,950 184 days
the bottom having fallen dramatically for
Three bedrooms 473 £244,953 £190,000 188 days
the last two years, he believes it will take
Four bedrooms 227 £301,407 £284,999 211 days
some time for confidence to return.
Five bedrooms 62 £432,181 £360,000 234 days
“Although prices have fallen about 20 per
22 JUNE 2009 PROPERTYdrum
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