Welcome to this month’s property market update! Whether you’re thinking of buying, selling, or simply curious about the latest trends, we've got some exciting news and insights to share. The York property market is always evolving, and this month is no different. From shifts in house prices to the latest buyer and seller activity, I’m here to keep you in the loop with everything you need to know. So, grab a cup of tea, get comfy, and let’s dive into the latest developments in the York housing market!
The 5-year fixed mortgage rate average is holding steady at 4.67%, according to Rightmove, offering a bit of predictability in an otherwise dynamic market but remains high compared to the rate between 2008 and 2022. The Bank of England’s announcement to keep the base rate unchanged at 5%, is a welcome announcement to keep financial conditions stable for now. For homeowners and buyers, this means mortgage costs are staying consistent, allowing for some breathing room when planning long-term budgets. While rates are still higher than in previous years, the lack of upward movement provides a welcome break, giving buyers the chance to lock in a deal without the fear of sudden spikes in costs.
The housing market in York, along with the rest of England, remains very price sensitive. York’s asking prices are 0.1% down year-on-year currently, which is against the national trend of an increase of 0.8% in housing prices. This isn’t a big surprise as York has held its ground very well with strong house prices during the last few years of instability in the economy, we are now seeing the natural readjustment of York’s housing prices to be more in line with what has been happening nationally.
It is now taking 6 days more on average to find a buyer in York than this time last year. The average time to find a buyer has increased and is now at 60 days in York, which puts us equal to the national average. Value conscious buyers are taking their time to find the right property for them, with many having several viewings before making an offer. Properties that are presented well and attractively priced are performing the best currently, while properties that are priced to “see how it goes” are finding they are being left on the shelf and ultimately end up rolling back on price.
Sorry to mention Christmas when we haven’t even started autumn but if your Christmas wish is to be in your new home for Christmas, this week is the cut off to have an offer accepted on a complete chain. We are still seeing conveyancing times taking 12 – 16 weeks across the city, which takes us to the festive season! If you need to make any changes to your property sale or search then now is the time.
To round up this month’s property news in York, it’s clear that the market continues to offer exciting opportunities for both buyers and sellers. With the 5-year fixed mortgage rate holding steady and the Bank of England base rate unchanged, there’s a sense of stability amidst the usual market fluctuations. Whether you're looking to make your next move or simply exploring your options, we’re here to guide you every step of the way. As always, our team is ready to help you navigate the local market with expert advice, tailored support, and a passion for finding you the perfect home!
Speak Soon,
Emma
Written by Emma
Source Rightmove House Price Index September 2024
