Something that may have caught your attention in all the articles I’ve written is how property prices have grown in York.
Full disclosure, capital growth has reached several areas across Yorkshire and not just our beautiful city
According to the Land Registry, in 2018 alone, property prices rose by 4.77% in York, 1.11% in Doncaster, 1.82% in Leeds & 1.78% in Kingston-Upon-Hull.
Interestingly, in these same aforementioned areas, York saw the least volume of sales over the last 12 months, 3,391 to be precise, superseded only just by Hull with 3,537 transactions, Doncaster 4,676 and then Leeds with a staggering 12,182 properties changing hands.
Well what do I mean by York properties being the most affordable? Well, would it surprise you to know that, of these areas, York has the highest percentage of cash buyers to buyers with a mortgage?
To go into detail, over the last year, cash purchases made up only 26.69% of transactions in the Doncaster’s property market, 24.63% of the Leeds property market, 22.62% of Hull’s property market but 32.82% of York’s property transactions.
So, does this mean that York property is the most affordable? Well as per Land Registry, the average York home sold for £251,500, Doncaster, £127,600, Leeds, £184,500, Kingston-Upon-Hull, £111,200 so I would argue perhaps not.
The irony is that, of the dataset, the region with the most affordable properties also has the lowest level of cash purchasers and incidentally, the region which is least affordable has the greatest percentage of cash buyers.
So is this down to consumer salaries? Well, according to Payscale:
– The average salary in York – £24,419
– The average salary in Doncaster – £21,887
– The average salary in Leeds – £26,409
– The average salary in Hull – £22,426
As such, there isn’t much in it in terms of average salaries that would constitute such a significant rise in the level of cash buyers in York in comparison to other areas.
Whatever the reason, there is something about York which means more homeowners are more inclined to pump in more equity into own their properties.
Furthermore, what the above data tells us, is that York arguably provides a safer investment which over the last year alone has grown at a faster rate than its Yorkshire counterparts. With its host of fundamentals i.e. broad history and culture, host of shops, access and commuter links and availability of work etc, York continues to be the place where I’ll continue to live, work, visit and invest in.
If you’re considering where to invest in York, give me a call and let me see if I can help.