How much does outside space matter to homebuyers in York?
Outside space has always been a sought-after commodity, whether it’s acres of land or a balcony with pleasant views. Most property searchers have a few items on their list when looking for a new home, with some form of outside space usually near the top. But remember, gardens, balconies and terraces aren’t just eye candy; they also add value to properties.
In York there are approximately 94,900 people living across 3,900 hectares of land. This means that the population density is 24.3 people per hectare. To put that in the national context, it scores 5/5, five being the most densely populated areas. We can therefore classify our area as urban, which means residents’ will have very limited choices when it comes to outside space.
Buyers’ attitudes towards, and appetite for outside space often comes down to the area where the property is located. As the chart above shows, the most common type of property in York is a semi. This means that a significant number of homebuyers will expect a reasonably sized garden with room for a couple of flower beds.
Having outside space also means you have to maintain it to keep it looking well presented. This can come at a cost, although any outlay will normally be minimal. When it comes to selling your home, the last thing you want is to have an open space that looks unappealing. Many buyers’ minds are made up from how a property is presented, and that counts for both the inside and outside of a home.
Landlords with buy-to-let properties can gain an advantage if their buy-to-let has outside space. While the rental increases commanded by outside space aren’t monumental, it dramatically reduces void periods. If a landlord is letting their property on a long-term let, it is wise to remind the tenants it is their responsibility to maintain the outside space.
The demand for open space in York is essentially down to the density of housing in the area. Outside space will differentiate your property from others on the market, but quality is more important than quantity. If you’d like to know how to make the most of what you’ve got, please pop into our office so we can give you the inside track.
The proportion of sales by house type
For this month’s market update, we’ve decided to take a look at what percentage of total sales each house type accounts for each quarter. Whilst it doesn’t show the actual number of sales, it’s very useful for seeing what each property type is contributing to the total level of transactions. It also permits year-on-year comparisons, which negate the impact of seasonality.
Local property prices vs region & country
This chart shows how prices in the local area compare with those in the region and the national picture. Given our geographical position relative to the national economic centre of gravity, the relative price levels are what we’d expect.
Local tenure patterns
The mix of tenure of properties is a substantial yardstick of the attributes of homes in a local market. One of the best parts of the planning system in the UK is that social housing is heavily mixed in with the private stock so we don’t get large geographical divides between people as is the case in urban France. This also shows how many people are renting, which has gone up nearly everywhere in the last ten years.