The nature of what I do has me driving around the beautiful city of York every now and again and on my travels there are some streets that I’ve noticed that consistently have ‘For Sale’ boards plastered up and down them and then there are others where this is not the case. In light of this, I wanted to do some research about which streets in York have the highest turnover of property sales which may be interesting for you dear reader especially if you own a property on one of these streets.
For the record, the turnover is calculated by dividing the number of times a property has changed hands over a certain period (in this case the last 5 years) by the number of homes on the street in question expressed as a percentage.
I’ve tried to keep this as hyper-local as possible focusing on the YO1, YO10, YO23, YO24, YO30, YO31 & YO32 postcodes. Without further ado, I looked at my top 30 streets in York from the above postcodes. Given that there are over 5,200 streets in York, you can imagine this is quite the shortlist!
From the table below, Kyme Street, YO1 has the lowest percentage of property sales to properties on the street and properties on Foss Court, Huntington Road, YO31 are, on the face of it, selling like hotcakes!
|Street||Postcode District||Percentage %||Average Price on that street over last 12 months|
|Lower Darnborough Street||YO23||51.70%||£261,000.00|
|St. Josephs Court||YO30||54.50%||£176,500.00|
|Foss Court, Huntington Road||YO31||65.20%||£199,000.00|
However, bear in mind that Kyme Street has 48 properties and over the last five years, there have been 17 sales representing a turnover of 35.40%, Foss Court, Huntington Road, on the other hand has had 15 sales over the last five years with 23 properties situated within, this may not tell the whole story.
From the above table, we can see that there is no direct correlation between property price and the level of turnover but the obvious interpretation of the above is that streets with a high sales turnover could be indicative of that street simply having less properties. It could be as a result of those streets having a larger proportion of buy ot let properties rather than owner/occupiers and with the impact of government intervention on the buy to let sector, landlords could be selling off their properties distorting the above.
Whatever the circumstances, selling a property/moving home is a massively emotional decision. My last point, the market is harder than ever to be an Agent what with Brexit and Tenant Fee Ban which looms over our heads like the sword of Damocles. To a certain extent, we’ve become quite complacent as an industry but as the market toughens, I’m personally quite excited by what’s to come as with all problems come solutions.
At the end of the day, the data tells us that properties in York are still selling and renting and with such strong fundamentals, I feel confident that York property will continue to weather the storm.