Member Article

York is home to strong property market

York is home to one of the North of England’s best performing property markets due to soaring demand for a limited supply of prime property and, according to new research, city centre values are now 8.2% above their 2007 peak.

The Prime Yorkshire report, by international real estate advisors Savills, also reveals that currently 17% of York’s buyers are relocating to the region from London and this trend is increasing.

Yorkshire property company Rushbond has welcomed the news after recently securing planning permission for a major restoration project, that will see the company transform St Leonard’s Place back into the city’s finest residential address.

The historic Grade II* listed crescent, together with the adjoining Grade II listed properties on Museum Street, will now be restored to their former glory and converted into five townhouses and 29 grand apartments. In addition, a mix of six conversion and new build mews properties will be built at the rear of the main crescent. Whilst the buildings were previously occupied by City of York Council they were originally built in the 19th century as elegant houses. Work on the restoration is due to start shortly when Savills will launch the marketing campaign.

Mark Finch, Director of Real Estate at Rushbond, says: “This research demonstrates how the world-class attractions of York make it a great place to live, as well as work and visit, and how there is another significant and exciting opportunity for the City Centre economy as demand grows for high quality homes.

“The St Leonard’s Place development will appeal to national and international, as well as local and regional buyers, who want an exceptional home in a landmark building. This market-leading development will offer people an additional and fantastic opportunity to live in the City Centre, adding another dimension to the local economy, as well as acting as a catalyst to encourage other high quality developments throughout the City.”

Matthew Jones, Residential Development Director at Savills says: “The increased demand witnessed in York City Centre is a trend that our research shows is mirrored in places like Bath and Cambridge; both cities that share an equally rich architectural heritage. Ultimately, there is strong demand for a limited supply of prime property in these cities. As a result, St Leonard’s Place will undoubtedly become York’s most prestigious address and be a highly sought after addition to the city’s residential market.”

Tanya Coffey, Residential Agent at Savills York adds: “The gap between house prices in prime London and prime Yorkshire is now at an all time high and it comes as no surprise that growing numbers of buyers are heading to the region from London. However in York City Centre, a key source of demand is also coming from downsizers, often moving from London or the countryside. York also offers incredible train links to London, Leeds and Edinburgh and an excellent variety of shops and leisure destinations.

“Across the region the number of buyers registering with us has increased by 29.9% and viewings are up by 13.4% on 2013. All these indicators suggest that Yorkshire’s prime housing market will benefit from this ongoing improvement in buyer sentiment over the next 12 months and we are forecasting that prime property will enjoy five year growth of 18.1% up to the end of 2018.”

This was posted in Bdaily's Members' News section by Steven Wright .