YORK
PulsE
WHAT’s neW terms until they can realize an increase in
Hungate is a landmark riverside equity. This has meant that the quality of
development in the heart of York spread property available to let in York has
across four hectares. Set on the banks of improved over the last nine months.
the River Foss, phase one of the Hungate With interest rates at record lows, letting
development consists of 129 apartments agents believe that it is likely that yields will
and 33 townhouses all with luxury fixtures remain at their current levels for a few
and fittings and the latest eco-technology, years. For investors who have seen the cost
As well as providing stylish new homes of their borrowings falling, maintaining
within the city walls, the £150 million Above: The Property Co rentals are steady rent levels is more than satisfactory.
mixed-use development being carried out Below: Savills Westgate luxury apartments The high amount of student
by Hungate (York) Regeneration Ltd. – a accommodation needed for the two
joint venture between Crosby Lend Lease, universities helps maintains a healthy
Evans Property Group and Land Securities rental market and makes York a good
– will include offices, cafes/restaurants, etc. rental investment opportunity. Most letting
Near the city centre Persimmon is agents have a full range of properties on
converting Clifton Hospital into nine one- their books ranging from small serviced
and two-bed flats; prices from £89,950. apartments for businessmen to five
Hogg the Builder, a local company, has bedroom farm houses. “Well appointed,
two impressive houses at Ilford Court in fully furnished city centre properties with
the village of Earswick, four miles from parking are always in demand as are good
York city centre. Both are 3,500 sq ft, are quality homes,” says Cathryn Houghton,
priced at £1.1million and £1.15 million.
£585,000 £1100pcm
Director of specialist letting agent City Lets
Northminster is building seven New York. “Currently we have had an increase
York-style two-bed apartments in However rents have generally been in demand for furnished apartments and
Crambeck Court, in the city centre; from coming down, due to this excess supply of excess in supply of two bedroom
£112,500. More than 200 Georgian-style property to rent, though Hunters have not unfurnished ones, lowering some rental.”
houses are being built in St Peter’s Quarter seen a significant decrease and The One bed flats achieve £500 to £600pcm,
near the ancient walls by Wilcon. Flats and Property Company is seeing rent levels two bed flats £575 to £800pcm, two bed
houses currently available cost £84,995 to remaining in line with last year as growing houses £550 to £575pcm, three bed houses
£239,950 . Barratt has three developments supply as been taken up by demand from £600 to £1,000 pcm and four bed houses
in York, one at The Acorns from £76,995. those who can not find a mortgage lender anywhere between £750 and £2,000pcm.
rather than a lack of willingness to
renTAl MArkeT purchase. Coalters Estate and Letting ciTy leTs currenT OFFers
Whilst the sales market has suffered in the Agents and Hunters report that rents Westgate, a two bedroom fully furnished
present economic climate, letting agents remain under pressure, with increased luxury apartment for £1100.00 pcm
such as Martin & Co report that the York supply from reluctant sellers now opting to (pictured). Postern Close, a river fronted
rental market seems to be stable and York rent their properties, particularly in three furnished one bedroom apartment with
continues to have a strong demand for and four bedroom family homes. Sellers parking £695pcm (pictured). Winsor
quality residential lets which is being met have been reluctant to accept the price Court, a new development of two
by an increased supply of property coming reduction and have chosen instead to bedroom apartments unfurnished
onto the market. refurbish and let their property on shorter £750pcm upwards (pictured).
AverAge Asking Prices By TyPe in yOrk (£’s)
CityLets:
Mar 2008 Mar 2009 change
Winsor Court,
Detached £300,410 £280,085 -7%
offering a new build
Semi £216,730 £187,889 -13%
of two bed flats
Terraced £209,256 £207,431 -1%
Flat £183,066 £172,699 -6%
All £239,227 £232,887 -3%
AverAge PrOPerTy selling Prices in yOrk (£’s)
Feb 2008 Feb 2009 change
Detached £254,727 £205,464 -19%
Semi £189,556 £161,028 -15%
Terraced £178,321 £185,611 +4%
Flat £168,866 £110,062 -35%
All £188,709 £178.230 -6%
£750pcm
24 JUNE 2009 PROPERTYdrum
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