What types of properties sell the quickest in York?

In my last article, I wrote about some of the streets which have had the highest turnover of sales in York.  I wanted to deep-dive and find out what types of properties sell the quickest in York, i.e. flats, terraced houses, semi’s or detached homes, categorised by number of bedrooms etc and even breaking it down to a properties price point.

Over the last 90 days, the average selling time of a property in York was 103 days (from the time a property is put on the market to the property being sold subject to contract).  From the bar chart below, Semi-Detached properties sold the quickest closely followed by Terraced homes lagging by an average of only four days.

There is subsequently a further four-week delay on average between Terraced Houses and Detached.  This makes a lot of sense when you consider that those buying Detached Homes will more likely be, up-sizers and potentially part of a chain which inherently delays the buying and selling process.  Flats taking the longest to sell again makes a lot of sense when you consider that a vast majority of flats in York are leasehold which, due to the minutiae and complications in lease agreements, will have an impact on the conveyancing process.

Selling Times in York by Property Type

Data taken from Home.co.uk

In terms of Selling Times in York, by Price Band, interestingly, the properties which seemingly sell the quickest are in the £400,000 – £500,000 price range.  Allow nearly another two weeks and then properties within the £100,000 – £300,000 price range come a close second.  It is worth bearing in mind that properties under £100,000 or above £400,000 make up only 13.82% of the sample data set and such it’s worth viewing those price bands with some scepticism.  Nevertheless, the properties between the £100,000-£300,000 range will form a substantial part of the York market i.e. both owner/occupiers as well as landlord investors.

Selling Times in York by Price Band

Data taken from Home.co.uk

 

Lastly, broken down on a room-by-room basis, properties which sell the fastest are your two and three bed properties which again, makes up a substantial part of the York market as well as the dataset.  The one beds will likely be your Studio’s and one bed flats with leasehold complications.

Selling Times in York by Number of Bedrooms

Data taken from Home.co.uk

So from the above data one could argue that York’s hot properties are your 2-3 bed terraced and semi-‘s for the £2-300,000 range.  Ultimately, what determines a property’s speed of sale is very much its sales price.  I appreciate this may sound blindingly obvious but I’m keen to spell out a greater picture here.  I’ve seen Estate Agents put properties on the market at exorbitant prices, whether it be to just win the instruction from the seller with a view to persuade the seller to drop the price when there has not been enough interest.  The issue here is, as the property has been on the market already for ‘x’ period of time and there is a subsequent decrease in its price, the first thought for any prospective buyer will likely be is ‘what’s wrong with the property?’.  Buyers will more than likely put in a low offer in order to get a deal.

 

When a property goes on the market, in general, within the first 14 days is when it gets the most eyeballs.  After this point it becomes a race to the bottom.  If you are selling a property in York, my recommendation would be do your homework prior to any Estate Agents valuation.  Look at Rightmove, look at Zoopla, Prime Location and On The Market and any other property portals.  See what has happened to property prices, recently sold within a certain radius your postcode area.  Also assess what is currently on the market using the above tools as this will form your competition when the property eventually goes on the market.

Whilst it’s very tempting to take on an Agent if they say they can achieve you 10-20% above what the price may be worth, if they are unable to do this, this will inevitably have a negative impact on the price the property eventually sells for.  Selling a property is an emotionally charged process but one shouldn’t throw logic out of the window.  In short, if something sounds too good to be true, it generally is.

As ever, if you need any advice, you know where I am.


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