We believe that facts, rather than conjecture, are a sounder base for giving informed advice. The beginning of the year offers an opportunity to review market activity over the last year and to draw on hard data from the Land Registry.
The main change on 2016 was a fall in the volume of sales by around 20%. This level of change is significant and raises some interesting questions. Prices have risen in most areas but these rises are smaller than one would have anticipated given the reduction in supply. Only the YO41 area had an increase in sales and this probably provides part of the answer, in that new developments in the outer areas of York and the surrounding market towns, are making good the shortfall in the City.
Prima facie prices for terraced houses in YO1 increased by the largest percentage but the small volume of transactions tends to undermine the value of crude analysis.
The other big change in 2017 was the increase in the sale of apartments within the City, almost doubling from 125 to over 250. The reduction in average sale prices is no doubt due to the more affordable apartments which are being created from converted office buildings, where owners have taken advantage of Permitted Development rights, to change the use.
Each sector of the market and each area perform differently. Understanding those dynamics is the key to good advice.