Index of house prices by property type
Over the last twelve months we’ve seen strong performance in the local market. We indexed the house prices at the start of the period. House price data updates quite slowly, so we’ve estimated the last 3 months.
Common myths about the local property market
Has you ever heard rumours about ‘golden rules’ you should abide by to get a quick sale? Perhaps you are familiar with the terms, ‘catch the property season’, ‘spend money to make money’ and ‘price high and accept low’. Achieving the optimum sale means navigating highly changeable market conditions.
The local market in York changes a lot year-on-year.
As the chart above shows, the average house price of properties on the market fluctuates a lot more than you might think. Sales rates are the thermometer we use to measure the temperature of the market but unweighted overall average prices only tell part of the story.
Seasonality: There’s no doubt that some seasons can be slightly busier than others. However, there is never a bad time to sell your property. People search for homes throughout the whole year because of reasons individual to them, not because of the weather.
DIY: Adding extensions to your home can increase the overall value of the property. However, that doesn’t mean you should always do this before you list it on the market. Often, home hunters will want to do their own renovationsand may have different tastes to yours.
Don’t accept the first offer: The saying goes, ‘don’t look for a quick sell by accepting the first offer because a better one will come along’. The simple truth is: if you are offered a price that meets the value, you should sell. In fact, estate agents often show properties to their best clients first, so by turning down a good offer from an early buyer, you may be opening yourself up to issues down the line with other buyers who aren’t as serious.
There are no hard-and-fast rules for how to sell your property – the tone of the market is ever changing and its important you work with a good local agent with their finger on the pulse.
Monthly sales rates by house type
This chart reveals how sales levels have played out over the last seven months in our area. We’re looking at a tight area over relatively short periods of time, so you don’t get the nice smooth patterns you’d see using annualised analyses or at higher levels of geography. The patterns however, are very revealing. The chart below shows house prices by house type in 2017.
Method of commute
Commuting patterns are a significant barometer of the profile of people in a property market. For example, in areas where most people travel to work by car, there tends to be more even property price distributions across the local market. On the other hand, where people mostly travel by train or underground, there are big price hotspots around the stations. The chart below shows the methods of commute for the York population.
Want to know more about how house prices in York affect you?
Read previous editions of our property news below: