Being a Londoner, something I am acutely aware of is how London has certain micro-markets. What I mean is, there are certain areas in London which perform far better than others due to better access links, proximity to City Centre, being within a catchment area of a highly rated Ofsted school etc. The same can certainly be applied to York as well even as hyper-local as inside the York outer ring-road.
Looking at Rightmove and Zoopla data, it makes for some interesting reading. From the table below, we can see which micro-markets have had the greatest number of property sales and uplift in capital value over the last five years.
What I find fascinating about the York Property Market, is how property prices can vary so wildly even when properties are situated within a couple of miles of one another. What doesn’t surprise me however, is how capital appreciation in the York property market has performed over the last five years.
From the above, regardless of suburb, York property prices have risen consistently.
According to Zoopla, property prices across York have seen an uplift of circa 24.13%. This presents some fantastic capital growth when considering that there are some areas of the UK which have seen significantly less growth or even have not even recovered from the 08/09 crash.
In terms of properties sold, my findings were that York folk seem to have an affinity for the semi-detached house as they make up 39.69% of property transactions. In all honesty, I didn’t expect so many more Semi’s were shifting than Terraced especially within the Greater York area given the sheer number of beautiful Terraced properties in the city. However, upon closer inspection, from the pie chart below, with a greater volume of properties under the Semi-Detached banner, it’s inevitable that there will be a larger number of transactions relating to this demographic.
Deep-diving even further into the numbers, the below report, again taken from Zoopla shows that there is not much in it between the value of semi-detached and terraced homes (£2,479 in fact) although that realistically depends in which suburb your property is situated. Interestingly, in terms of floorspace, the York Semi-Detached property is the most inexpensive floorspace as an average £ per square foot.
What you may not be aware of as you read this blog is, with the level of capital appreciation over the last five years, you may be in a better position than you realised to make that next move in your life, whether it be upsizing to that plush Detached house in Strensall or moving within the catchment area of Huntington School to take advantage of that Outstanding Ofsted rating. In short, does the above mean that if you bought a property in 2014 within the York ring-road that it’s increased by nearly a quarter of its original value? Well give me a call and let’s find out!