Local market report and housing update
Winter 2022/23
Snapshot & Location
York is a walled city in the northeast of England. Founded by the ancient
Romans, the picturesque city is a tourist hotspot owing to its a rich history and medieval charm.
Its cobbled alleyways and stone streets are home to many local businesses, shops, accommodation, pubs and restaurants. In particular, the former timber-framed butchers’ shops of The Shambles are one of the city’s premier attractions.
Location Map
Local demographics & economic trends
According to the 2021 census data, the population of York is approximately 202,800. Against the 2011 census, the population has grown by a modest 2.4%, or an additional 4,749 people, in ten years. When compared to the 2001 figure, the population has grown by 8.6%, or almost 16,000 people.
Approximately 85,500 households make up this population. The average household size is 2.4. At the time of the last census in 2011, the number of households was 2.3% lower. However, it is forecast to rise by a robust 7.1% over the next ten years, amounting to 6,085 households. Compared to other central locations and urban areas in Yorkshire and Humber, York has a low population density of 746 people per hectare.
Connectivity
York is well served by road and rail. The city lies at the intersection of the A19, A64, A59 and A1079, offering connections to Doncaster, Tyneside, Liverpool, Leeds, Scarborough and Hull.
The A64 road links the city to the motorway network, connecting York to both the A1(M) and the M1 motorways approximately 10 miles away. The M62 is less than 20 miles away, providing links to Manchester and Liverpool.
The local Housing Market
Sales Market
Average house prices by property type and location
York
Yorkshire and The Humber
England and Wales
Detached
Semi-detached
Terraced
Flat
Overall Average
£540,384
£343,807
£288,993
£199,012
£329,537
£352,126
£214,691
£169,278
£139,133
£214,036
£488,076
£298,211
£253,644
£253,542
£311,074
Source: HM Land Registry (October 2022, latest data)
"Following nearly three years of slow but stable house price growth in York, prices have now grown by nearly 30% since the start of the pandemic (February 2020)."
Chart
Chart
Rental Market
York is yet another area of the country that has seen available rental stock decline sharply over the last few years. At the same time, there has been no let-up in tenant demand and certainly towards the latter half of 2022 as the cost of living crisis became even more acute, and mortgage rates rose, tenant demand has continued to climb steadily. As a result, asking rents have increased by around 11% over the last 12 months, reaching £1,005 per calendar month (pcm), the first time they have broken the £1,000 barrier in this area. Over the last five years rents have risen by over 20% in the area, again reflecting the strength and level of demand for the private rented sector in York.
York
York’s historical landmarks, vibrant city life and proximity to the beautiful Yorkshire countryside and coastline means it is regularly voted one of the best places to live and visit in the UK.
It is estimated that 67.4% of households in York own their home. Compared to the UK total of 63.5%, this figure is particularly high. 14.2% live in social rented accommodation and 17.3% rent privately. This has increased since the 2011 census when 66.4% were homeowners, 14.1% were social renters and 18.5% rented privately.
The median age in York is 39 years, compared to the national average of 40 years. Much of the younger population live around the universities and in the centre of the city, with the older demographic living on the outskirts. The greatest age group is 20-24, with 10.1% of the population falling within this age range. Considering that the total number within this age group in England and Wales is 6.0% of the population, the student population in York evidently is a large segment of the city’s demographic.
While 3.0% of the total UK population between the ages of 16 and 65 is unemployed, York has an extremely low unemployment rate of 1.1%. 81.6% of the population between this age range is employed, compared to 78.4% of the UK.
York railway station is centrally located and is a principal stop on the East Coast Main Line from London to Newcastle and Edinburgh. It takes less than two hours to get to York from London by rail. There is also a number of semi-fast trains linking the city to other major northern towns and cities, such as Middlesborough, Leeds, Manchester and Liverpool.
Following nearly three years of slow but stable house price growth in York, prices have now grown by nearly 30% since the start of the pandemic (February 2020). Over the last year alone price inflation has reached 13.4%, leading to an average price of £329,537 in York and adding an estimated £39,000 to the price of an average property in the area.
Compared with the wider region, residential property prices in York are around 50% higher, on average. Terraced properties have the highest premium, being around 70% more expensive than in the wider Yorkshire and The Humber region while flats are around 43% higher.
The Local Housing Market
Average house price
Average house price growth
Average rent
(£ per calendar month)
Annual rental growth
Gross Yield
£329,537
13.4%
11%
£1,005
3.7%
Sources: HM Land Registry (October 2022, latest data), REalyse
Sources used: Carter Jonas Research, Experian, Google maps, HM Land Registry, Office for National Statistics, REalyse, Rightmove
Notes: REalyse rental data 12-month rolling average
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Email me
01904 937736
Sales
Rachel Macpherson
Email me
01904 211770
Lettings
David Sinclair
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There is an array of medieval churches within York, the most prominent of which being a York Minster. The mammoth cathedral was built over 250 years and is famed for its incredible gothic architecture.
York is home to two universities: University of York and York St John University. It attracts students looking for a city location without the crowded atmosphere of larger cities but who still want to enjoy cosmopolitan life.
It has been rated one of the safest places to live, adding to its appeal.
The closest international airport is Leeds Bradford, located only 30 miles from York. Teesside, Doncaster Sheffield and Humberside airports also offer international connections and are easily accessible from the city. All three are approximately 50 miles away. Manchester and Newcastle airports are further afield but still within easy reach.
Location based on nearby top-performing primary and secondary schools is often a very strong factor in deciding where to move and locate, with proximity to the best schools strongly correlated to local average house prices. Research has shown that homes located near top-performing schools can add anywhere from £20,000 - £50,000 to home values.
There are a range of schools in York including independent, Church of England, Catholic and specialist schools. A large majority are rated as good or outstanding by Ofsted.
The city’s medieval walls are a popular walk, extending to approximately 2.5 miles in total and enclosing an area of 263 acres.
York also benefitted from the growing wealth of the Georgian period, with many elegant Georgian buildings remaining.
Following the first set of COVID pandemic lockdown restrictions, house sales in York jumped significantly. This was aided in part by the stamp duty tax holiday but was also due to many households looking further afield to find their perfect home. Since then, average sales volumes have declined somewhat, and looking ahead we expect this trend to continue. As mortgage rates have risen throughout 2022 and they look set to rise yet further in 2023, we anticipate that throughout the year monthly sales will be below their long-term average before bouncing back towards the end of the year. As these new mortgage rates begin to settle and inflation generally softens towards the end of 2023, this will help boost confidence and buyers will begin to come back to the market again.
Notes: Rental rates areas: five-mile radius from centre. Projected house price
growth, incomes and demographics data, areas: Respective local authority
2032 forecast
population
(number)
215,487
Ten-year forecast population
(% change)
2%
Proportion of population who are owner occupiers
67%
Proportion of
population who are private renters
17%
Average annual
income
(2022, provisional)
£36,613
Five-year projected house price growth (cumulative)
3.3%
Local market report and housing update
Winter 2022/23