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Property Prices Drop In York

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"Property prices in York are falling significantly, prompting fears of a local property crash, according to reports. Despite claims that house prices are continuing to rise across the UK, figures from PropertySnake.co.uk suggest that prices in the York area are down, with some parts of the city even seeing drops in double figures."

http://pr-gb.com/index.php?option=com_cont...98&Itemid=9

Apologies if it has been posted already as it is a few days old.

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The UK's leading fast purchase property firm, National Homebuyers says that the signs have been there for sometime. Director Julian King says: "The drops is double figures should be waking the rest of the UK to what is likely to happen to their property price.

http://www.nationalhomebuyers.co.uk/index.asp

Weren't these boys advertising last year that they could buy your house quick? (with a suitable discount)

Business must be booming, but I'm not sure that's the type of booming business I'd like.

National Homebuyers charge a small Valuation fee so that we have your property professionally valued by an independent Royal Institution of Chartered Surveyors (RICS) surveyor. On receipt of their report and following our own duediligence on your property, we will make you a formal offer to purchase below the market value. There are no further or hidden catches, costs or obligations. We offer a competitive price and we will contribute up to £1,000 toward your legal fees.

Let me guess, if you don't like the valuation, you still have to stump up for their "admin" fee?

Edited by BandWagon

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"Property prices in York are falling significantly, prompting fears of a local property crash, according to reports. Despite claims that house prices are continuing to rise across the UK, figures from PropertySnake.co.uk suggest that prices in the York area are down, with some parts of the city even seeing drops in double figures."

http://pr-gb.com/index.php?option=com_cont...98&Itemid=9

Apologies if it has been posted already as it is a few days old.

Along with possibly Richmond and Harrogate, York is the poshest place in Yorkshire; very wealthy Leeds commuters, middle and upper middle class, good mature property stock in a very beautiful city. Prices to rival the South.

So it would seem there is an error here, as everybody knows prime property is crash proof..............

People in Oxford, Cambridge and Kensington please take note.

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This interested me so I carried out a little survey, using Rightmove and the 2001 census figures.

York population = 181,000

St. Helens population = 174,000

(I chose St. Helens as it has the closest comparable population figure and it shares the same major railway link)

York properties added in last 7 days = 209

St. Helens properties added in last 7 days = 103

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Along with possibly Richmond and Harrogate, York is the poshest place in Yorkshire; very wealthy Leeds commuters, middle and upper middle class, good mature property stock in a very beautiful city. Prices to rival the South.

So it would seem there is an error here, as everybody knows prime property is crash proof..............

People in Oxford, Cambridge and Kensington please take note.

being a bit pedantic, but prices in York on a like for like basis are about 25% lower than Harrogate - i know people who have moved up here from london expecting to live mortgage free and found they have had to increase their mortgage just to stay in a similar property

the good news is that in the last crash Harrogate took it's time but still fell heavily - the difference between york and harrogate this time is that york has suffered from a large number of new build flats (not on the scale of leeds though) whereas harrogate has virtually none

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This interested me so I carried out a little survey, using Rightmove and the 2001 census figures.

York population = 181,000

St. Helens population = 174,000

(I chose St. Helens as it has the closest comparable population figure and it shares the same major railway link)

York properties added in last 7 days = 209

St. Helens properties added in last 7 days = 103

That is interesting, as OK they share similar population sizes, a major rail link, and they are both in the North. But from a socio-economic point of view they are chalk and cheese.

It could be that in some cases this crash could be led by some very rich places, simply because prices have been bid up to such silly levels in these places.

Could Chelsea et al power drive down as quickly as they power drove up over the last year?

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Somebody else who thinks it's time to move out of the York property market...

http://www.yorkpress.co.uk/news/yorknews/d...rty_selloff.php

"Money is always a challenge, but we've also inherited historic investments which provide a lot of the Minster's income.

We need to move that inheritance around sometimes across all forms of investment so that it works as effectively as possible to ensure we can continue to maintain and cherish the Minster far into the future."

I don't recall reading about that in the bible. <_<

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Not surprised. The following is anecdotal, but indicative, I think. I rent a studio flat on the main road out of town to the north (Bootham). Between 2003 and 2006, the two buildings either side of mine, both of which were previously hotels, were sold up to developers by their owners and converted into flats. The asking price was £180k for the one-bedroom flats and £230k for the two-bed ones. The building I can see from my window is virtually unoccupied, over a year after the conversion was effectively completed. From the evidence of lights on at night, I'd guess that two of the flats (out of 13) are lived in at most. Interestingly, all the parking spaces are full, though, suggesting to me either that a significant number of the flats have been mothballed as investments, or that the developer is trying to make a little bit of money back by renting out the parking spaces, even if he can't sell the flats. There are three 'for sale' and one 'for rent' boards up on the side of the building, so I suspect the latter.

I did look at one of the flats and would be prepared to pay £70-80k for it but no more. It was tiny, not particularly high quality (thin plasterboard walls), and the service charge ain't cheap, either. I also suspect that the developer must have had cash flow problems towards the end of the project - the back yard area is still not finished (gravel all over the place and a temporary back door).

Edited by The Ayatollah Bugheri

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Guest grumpy-old-man
being a bit pedantic, but prices in York on a like for like basis are about 25% lower than Harrogate - i know people who have moved up here from london expecting to live mortgage free and found they have had to increase their mortgage just to stay in a similar property

the good news is that in the last crash Harrogate took it's time but still fell heavily - the difference between york and harrogate this time is that york has suffered from a large number of new build flats (not on the scale of leeds though) whereas harrogate has virtually none

that's interesting to know, I assumed that the triangle hardly got touched in the last crash, just goes to show then, it depends on who you ask I suppose. <_<

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Guest grumpy-old-man
"Property prices in York are falling significantly, prompting fears of a local property crash, according to reports. Despite claims that house prices are continuing to rise across the UK, figures from PropertySnake.co.uk suggest that prices in the York area are down, with some parts of the city even seeing drops in double figures."

http://pr-gb.com/index.php?option=com_cont...98&Itemid=9

Apologies if it has been posted already as it is a few days old.

I work in York & have been watching the EA's offices most days as I get my lunch or have a walk around the city. They have benn empty since xmas & I mean empty. I have rarely seen anyone in any of the many offices at various times of the day.

I have mentioned it on here quite a few times as anecdotal.

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that's interesting to know, I assumed that the triangle hardly got touched in the last crash, just goes to show then, it depends on who you ask I suppose. <_<

i've probably bored several longer members with this, but i managed to buy just after the start of the last crash - i got a one bed flat for £37k in 91 - 18 mths later the identical one below me sold for £22k - similarly, the 4 bed house next door to my parents was up for £200k and they eventually sold for £135k - the mistake i made was buying a flat when i could have got a 2 bed terrace for the same money, although the rooms would have been much smaller

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that's interesting to know, I assumed that the triangle hardly got touched in the last crash, just goes to show then, it depends on who you ask I suppose. <_<

should have added that according to the HFX, in 2005 prices in Harrogte fell 9.6%, although I think there was a bit of mix adjustment behind that

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It could be that in some cases this crash could be led by some very rich places, simply because prices have been bid up to such silly levels in these places.

I don't know any of my OO friends who could actually have bought their property at today's prices, even taking into account wage inflation etc.

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interesting to see propertysnake getting cited in the press already!

I bet most finanacial journalists probably use housepricecrash.co.uk for some of their research, and they've found propertysnake from here.

Edited by Bearback

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being a bit pedantic, but prices in York on a like for like basis are about 25% lower than Harrogate - i know people who have moved up here from london expecting to live mortgage free and found they have had to increase their mortgage just to stay in a similar property

Having friends in both Harrogate and York, I would like to make it clear that I hold no opinion on the relative merits of these two very wonderful places, and that I am fully aware that with my lowly Bradford / Wakefield roots I am not even of sufficient status to venture such an opinion. :)

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Guest Bart of Darkness
I don't recall reading about that in the bible. <_<

:lol:

It's probably somewhere at the back, or maybe in the Apocrypha?

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Having friends in both Harrogate and York, I would like to make it clear that I hold no opinion on the relative merits of these two very wonderful places, and that I am fully aware that with my lowly Bradford / Wakefield roots I am not even of sufficient status to venture such an opinion. :)

i'm glad to see you know your place! :P;)

either way, prices are far too high

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