The property market in York has had a busy start to 2025, with house prices continuing to rise, albeit at a slower pace, and plenty of activity among buyers and sellers. With the looming stamp duty deadline on the horizon, it’s no surprise that some sellers are adjusting their expectations, but overall, the local market remains resilient.
The average asking price for a property in York in February 2025 sits at £351,905, reflecting a steady and sustainable market. While property prices across the UK have seen a more subdued rise of 0.5% (£1,805) this month, it’s clear that the high level of available stock and buyer caution around stamp duty charges have played a role in moderating price increases. The typical time to find a buyer in York currently stands at 77 days, showing that demand remains strong despite shifting market conditions.
Several factors are influencing the current pace of price growth. First and foremost, the number of available homes for sale is at a 10-year high across the UK, giving buyers more choice and lessening the pressure to compete aggressively on price. This increase in supply means sellers are having to price more realistically to attract interest. Additionally, the upcoming stamp duty change at the end of March is playing a role in decision-making for both buyers and sellers as they navigate their new house buying budget.
Mortgage rates remain a hot topic for buyers and sellers alike. While rates are still relatively high, they are now on a downward trend, which could help boost confidence in the coming months. January 2025 saw a record number of mortgage applications, 49% more than January 2024, indicating strong intent from buyers despite wider economic uncertainties.
York’s property market remains steady, with plenty of movement from those keen to buy and sell.
Thinking of Moving?
If you’re considering buying or selling in York, now is a great time to get expert advice. At Indigo Greens, we’re here to help you navigate the market with confidence. Get in touch today for a free valuation or to discuss your property journey!
Written by Emma
Source Rightmove House Price Index Feb 2025
