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I am considering relocating to York (currently live near Oxford) and having looked on Rightmove am shocked at how expensive property is (I thought it was supposed to be cheaper the further North one goes!). I lived in York as a student between 1997 and 2000 and remember thinking how reasonable the houses prices seemed.

Anyway, having looked at properties on the web I am amazed at how many are 'investment opportunities', often with large rental incomes coming in until Summer 2008 (I assume from students). If these are such good investments why are they being sold? (i/r hikes?). Or are investors fearing a crash? Furthermore, if you go on Rightmove and search highest price first, there are a couple of whole property portfolios being sold as a job lot.

Can anyone with experience of the York market let me know whether this is usual for York (i.e. are there usually portfolios of property being shifted?) or whether it is possibly an indication that investors are jumping ship and a HPC is imminent if not here already.

My vested interest is that I would be looking to stretch myself to a largish family home and obviously don't want to buy if the market is on the edge of a correction.

If I can be allowed to rant a bit, when I was in York I lived in a nice 3 bed in Fewster Way which was only worth around £85,000. A friend of mine lived in a large 5 bed in Heworth which was worth £46,000 (and the combined rental income from 6 students living there was £10,000pa!!!). Sounds like York has gone from stupidly cheap to stupidly expensive. On the assumption that the average wage in York is not £50,000pa I guess there should be a correction soonish????????

Any advice from York house price observers much appreciated.

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Sounds like York has gone from stupidly cheap to stupidly expensive. On the assumption that the average wage in York is not £50,000pa I guess there should be a correction soonish????????

Any advice from York house price observers much appreciated.

Correct on all three points.

To be fair, over the last twenty years York has transformed from a grotty Northern industrial city, that just happened to have a heritage centre in the middle, to a very fashionable outer Leeds suburb.

However, there still aren't enough rich people to support the current silly prices.

Find yourself a nice place to rent and watch the crash.

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Larger houses are still insanely expensive within a 20-mile radius of York. Smaller houses (e.g. Leeman Road terraces) and flats are either sticking or on the way down. I live in a rented one-bedroom flat (in a converted Georgian house) in a side-road off Bootham, and have noticed that the for sale boards have increased in number and are sticking for longer round here. A periodic look on Shitemove suggests that they're not shifting quickly at all. However, if you're looking for a large family home, I'm afraid that there still seems to be healthy demand from people who are willing to pay silly prices.

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I am considering relocating to York (currently live near Oxford) and having looked on Rightmove am shocked at how expensive property is (I thought it was supposed to be cheaper the further North one goes!). I lived in York as a student between 1997 and 2000 and remember thinking how reasonable the houses prices seemed.

I live near Oxford and have considered and already discounted moving to York (I grew up near there).

The place is so masisvely overbuilt with new flats - I am not surprised they are selling off whole blocks. There is no way that anyone who is a young professional is going to buy in York and commute to Leeds when there are hundreds of flats available in the centre of Leeds at the same price. There is no local jobs economy in York to support either the family home or flats end of the market. Its just South East BTL investors driving the flats market and South East retirees money driving the 3 - 5 bed house market.

York is an offshoot of the South East - the train from York to Kings X only takes 2 hours and that is almost as close as Oxford if you think of commuting Oxford - Paddington and then the tube to Kings X.

Oxford and York are effectively in the same market now but York is still slightly cheaper. It will get much cheaper when the South East money stops flowing. Until then, I would rent if you can.

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York is an offshoot of the South East - the train from York to Kings X only takes 2 hours and that is almost as close as Oxford if you think of commuting Oxford - Paddington and then the tube to Kings X.

Oxford and York are effectively in the same market now but York is still slightly cheaper. It will get much cheaper when the South East money stops flowing.

err, except Oxford is more convenient for the M4 Corridor, the walk on fare from Oxford to London return appears to be less than half that from York, and (altho I can be corrected on this as I don't live in London) the online timetable claims overall journey time of 1rs 40mins Oxford to Kings X.

(I think the M4 corridor thing might be significant especially...!)

Edited by Si1

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I live near Oxford and have considered and already discounted moving to York (I grew up near there).

...

York is an offshoot of the South East - the train from York to Kings X only takes 2 hours and that is almost as close as Oxford if you think of commuting Oxford - Paddington and then the tube to Kings X.

Oxford and York are effectively in the same market now but York is still slightly cheaper. It will get much cheaper when the South East money stops flowing. Until then, I would rent if you can.

I'm old enough to remember the last correction in the late 80s early 90s.

I had a friend who moved to Stafford because it was just as easy to commute to Euston as a lot of other places in the home counties.

He got the negative equity blues pretty quick.

I'm getting de ja vue all over again:)

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On paper, the York to London train makes living here seem almost commutable. The problem is that (i) it's very unreliable - last month a bridge collapsed near Doncaster and extended journey times to over three hours for a fortnight, incidents like that being routine, and (ii) if you're not willing to book 2-3 weeks in advance and be tied to specific, off-peak trains, a return trip costs nearly £150. Unless you're so rich that the odd £150 here and there simply isn't an issue, and also are under no time pressure in relation to your journeys, living in York while having to make regular work-related journeys to London simply isn't realistic, despite what the glossy GNER (known as Grim Never-Ending Ripoff to the locals) adverts suggest.

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Good spot. That's a staggering number of reposessions for such a relatively small city. I assume the properties are auctioned off somewhere?

Anyway, there are just too many signs at the moment suggesting prices are either currently falling, or just about to. I'll hang on before buying! :)

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I have just been having a read through the local York press this evening , and have seen advertisments for 1 and 2 bedroomed appartments, in Heworth green, York from only £163,000 to £405,000 , and , if you move in before christmas you get..... fitted carpets....a family xmas pudding...iced christmas cake...family box of crackers...bottle of champagne...fully decorated christmas tree with lights and accessories delivered to your new home...turfed gardens ect.ect, things I think are getting pretty bad, when gimmics like this have to be used :blink:

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I have just been having a read through the local York press this evening , and have seen advertisments for 1 and 2 bedroomed appartments, in Heworth green, York from only £163,000 to £405,000 , and , if you move in before christmas you get..... fitted carpets....a family xmas pudding...iced christmas cake...family box of crackers...bottle of champagne...fully decorated christmas tree with lights and accessories delivered to your new home...turfed gardens ect.ect, things I think are getting pretty bad, when gimmics like this have to be used :blink:

I was expecting a full on HPC however if they're offering a cake, Christmas Tree and some crackers with every purchase before Xmas then how can I resist? I'm sure I've got £405,000 around here somewhere...... :lol:

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I have just been having a read through the local York press this evening , and have seen advertisments for 1 and 2 bedroomed appartments, in Heworth green, York from only £163,000 to £405,000 , and , if you move in before christmas you get..... fitted carpets....a family xmas pudding...iced christmas cake...family box of crackers...bottle of champagne...fully decorated christmas tree with lights and accessories delivered to your new home...turfed gardens ect.ect, things I think are getting pretty bad, when gimmics like this have to be used :blink:

Carpets (or laminate for the sophisticated lifestyle!)are a standard giveaway in apartments now, also stamp duty, insurance and solicitor fees are thrown in. I've started to see offers in other parts of Yorkshire like '£200 off your monthly mortgage paid for the first 2 years' (presumably you are tied to some mortgage provider or other who will have some small print to claw that back). Anyway it would take more than a free Xmas pudding and cracker to tempt me to buy this Christmas. I'd sooner wait and see the developer's crucifixion sale next Easter!

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