So how is the Yorkshire Property market?
Date : 21 November 2009
I suspect I am not the only estate agent in Yorkshire who is regularly asked the question “so how is the market”? I thought it might be opportune to provide an Autumn health check and perhaps pose one or two questions for those of you who might be considering buying, or selling, as we head into the winter months when the Yorkshire property market is traditionally perceived as being quieter.
Is Yorkshire property selling?
Against a background of demand now outstripping supply, properties offered to the market this autumn do seem to be attracting immediate interest with a number of owners surprised as to how quickly they have been able to secure offers. However, sensible pricing remains absolutely key and competitive bidding can result where guide prices are correctly pitched. Indeed in some exceptional cases there have been instances where price guides have actually been exceeded.
Is it a good time to sell my property in Yorkshire?
There is clear evidence that the market for quality houses for sale in Yorkshire has started to stabilise and much needed confidence has returned to the property market. According to the Knight Frank Prime Country House Index, prices began to flatten out during the second half of the year after four quarters of falling value. Although property prices are now starting to recover we see little scope for a return to significant house price inflation over the next 12 months, while questions still linger over the economy. The good news is that we now have a totally different situation to where we were in the autumn of 2008.
Why sell my property in Yorkshire now?
Anybody thinking of selling their house should consider taking advantage of what seems to be a relatively under supplied market with demand definitely growing in certain sectors. However, I do caution house sellers not to waste this winter window of opportunity by pushing their price expectations further than the market can realistically deliver. Overpriced houses, especially those considered to have an ‘Achilles heel’ will attract limited interest. We are also conscious that with the certainty of an election before next summer, this traditionally introduces a period of uncertainty to the market place. So perhaps not surprisingly, I would advocate that if you are thinking of selling your property in Yorkshire why not look to do this during the winter months.
OK your house might not look its most photogenic but then potential purchasers will have an opportunity to see and feel how the property presents itself during the winter and for example how private or open a garden may be. In which case just make sure the heating is on with any fires lit and go for the “cosy winter feel”.
So who is buying Yorkshire property at the moment?
Whether it is symptomatic of the Indian summer that has just come to an end, the general increase in confidence, or simply a perception of value for money, I am not the only Yorkshire estate agent who is reporting a significant increase in viewings over the last 4-8 weeks. Indeed Knight Frank in Yorkshire have witnessed a 35% increase in viewings over the last quarter. In terms of buyers, whilst the majority are moving within Yorkshire, so far in 2009 a third of our purchasers have been from out of the county, against 26% this time last year. The difficulty is establishing whether there is any specific reason for the change in our statistics despite exhaustive research!
Where are they buying Yorkshire property?
Looking from a regional perspective, the prime Yorkshire commuter belt remains the diamond area bordered by Leeds, Ilkley, Harrogate to Wetherby with an increasing number of buyers looking in the wider diamond from Leeds to Skipton, Ripon to York. As I have extolled in the past, the golden triangle has to my mind expanded, with a number of off lying diamond areas including those located south of Huddersfield, Wakefield and Sheffield, as well as north of Hull around Beverley. I am sure my friendly rival Stuart Charnock Bates would endorse this view in relation to the M62 corridor.
Where buyers are moving locally, the draw of local schools, public transport and day to day amenities remain as strong as ever, particularly for those with families and parents wishing to avoid being the proverbial taxi service.
So what does one conclude from my brief autumn health check?
The Yorkshire property market place does not hibernate during the winter. There are definitely good buyers in the market and mortgage finance is available. Sellers cannot ignore what the market place may tell them in terms of price, but buyers should remember it is worth paying for quality or individuality. Ultimately a home is just that. Perhaps some of us have had difficulty accepting that it is no longer just a money making exercise.
Tim Waring is a partner of Knight Frank and leads their estate agency team in the north of England.