March 2024 – York Housing Market Update

It’s been a great start to the 2024 housing market as we are now in full swing of a “normal” market (at last!) and with spring on the doorstep we can feel the excitement in the air as more buyers come out of hibernation to search for their new homes. In fact, buyer demand is up by 8% compared to last year according the latest Rightmove House Price Index, which is in part down to more stable mortgage interest rates and slightly more positive economy news… is that even possible?!?! Although the biggest let down for first time buyers at the moment seems to have been the lack of inclusion in the recently announced Spring Budget but hopefully this won’t dampen buyer’s spirits too much.

The housing market is still very price sensitive so sellers should still consider their marketing price carefully before listing their property as usually the first couple of weeks of a new property launch brings the most interest. You don’t want to damage the prospects of your sale by pricing your home incorrectly at the beginning of the process, especially as York’s asking prices are 0.8% down year-on-year currently!

The average time to find a buyer is now 68 days in York, although we are below the national average of 71 days this is still an increase of 6 days from the time it took to find a buyer in December 2023. Again, this shows the market is price sensitive as buyers are able to cherry pick the best priced properties quickly and leave others on the shelf.

We are seeing an increase of second time movers who have found a property to purchase before starting the selling process of their own property. I wouldn’t recommend doing this as it can bring a huge amount of unnecessary stress to an already stressful situation. If you are thinking about moving then I would suggest getting your house on the market before you start to look, even if you haven’t seen anything you like yet. As long as you are open and honest about the fact you need to find an onward purchase so your agent can pass this information on to any potential buyers that they may need to wait a little longer, then this will put you in a better position to secure an onward purchase of your ideal home, once you have accepted an offer on your property. There is always someone one step ahead of you – you need to be THAT person who is ahead!

And finally, a little round-up from us…

Thank you to everyone who supported us with our recent St Leonards Hospice accumulator challenge, we raised £331! Izzy also won an award from St. Leonards Hospice for Individual Achievement. We plan on joining the challenge again next year and organising bigger and better fundraising events to help us smash this year’s amount.

Our team has grown again! We are now joined by Florence, who is with us one day a week as part of her T-Levels Business Management course. Florence is with us until 2025 and has settled into the team extremely well. I am sure you will hear more from Florence as the year progresses.

We would like to wish you a very Happy Easter!

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