Property News: How the York property market fits with commuting patterns
“The temptation to find a home further afield is certainly strong. House prices sit 15 per cent lower for every five miles you move away from a station.”
In this month’s property news – where we all choose to live is affected by how often we commute to the office and how long it takes each day.
While the ever-increasing use of technology makes it easier to work from home, most people living in Britain still take part in the ‘daily grind’. A staggering three-million commuters now spend more than two hours to get to work.
And the reason? House prices! The further away a property is from the city centre, the less valuable it is.
Across England and Wales, there are over 11-million people commuting from one authority to another. As you’d expect, the length of each journey varies, but with house prices on the rise longer journeys look like they will be around for a while yet. There are other reasons for a lengthier commute to work: young families, for instance, are often drawn to the favourable price-to-square foot ratio afforded by homes on the outskirts of cities. Close-knit communities found in smaller towns can also be appealing.
But what does the commuting landscape look like in York?
Most people have a commute of less than 10km (64.8 per cent of the total work force). This is the case for most of the UK. The second most common commute is 30km and over, which accounts for 10.9 per cent of the total workforce in our area.
Proximity to local transport is a key consideration for those thinking of buying a property in York. However, with house prices sitting 15 per cent lower for every five miles you move away from a station, the temptation to find a home further afield is certainly strong. It makes sense for less frequent commuters to get more bang for their buck!
Our renting habits are also influenced by the length of our commute.
Property searchers are inclined to reduce their commute time to work by as much as possible when looking for somewhere to live. Before purchasing a buy-to-let investment, landlords should definitely consider the commutability factor. However, if a family is interested in a rental property, there is more chance they will favour choosing size over commute distance. That means landlords buying a one or two bedroom property will need to carefully consider the property’s location to a station compared to landlords with a property with three or four bedrooms.
Longer journeys won’t be disappearing anytime soon, but we do expect the number of commutes in England and Wales to reduce slightly over the next five years with more virtual offices and technologies like Google Hangouts and Skype. Why don’t you get in touch with us here at Coalters so we can advise you on all things property, whether buying, selling or renting?
Prices by type in the last few years
The average unweighted sold prices of houses and flats have generally seen a steady incline over the last eight years. It’ll come as no massive surprise the houses are typically more expensive than flats but, the movements over time are nonetheless interesting.
Annualised breakdown of sales by type
Take a look at the chart below which illustrates the mix of properties that have sold in the last 12 months. There’s nothing too surprising here given the profile of the housing stock in the area, but it’s interesting to see how the different types of properties are represented in the local market.
Lifecycles in our area
Lifecycle profile is a useful indicator of the make-up of residents in a locality. Inner cities and built-up areas typically have lots of young single people who live in flat shares or alone. Most of the suburban parts of the country are filled up with families. Some parts have a large elderly population, particularly around the coast. Our chart below shows the life stages of the population in the York area.
Read previous editions of our property news below: