Ian Preston's Yorkshire Property Market Update - October 2017
Click on the play button above to watch Ian's latest market update video.
Today I’m going to be sharing some really shocking revelations… revelations that revolve around FAKE news!
So, I went on the Independent website today and read ‘UK housing market slump continues due to Brexit uncertainty and stamp duty increases’. I thought there must be some terrible data that’s come out about the slowdown in the market and read on. What I discovered was this:
Which shows that house prices in London are falling, but all across the rest of the UK, with the exception of the South East, they’re rising quite significantly.
Twenty percent more surveyors are saying that Yorkshire house prices are going up rather than going down. However, this classic London-centric lazy journalism about what;s going on in a small corner of the country is really not helpful at all.
The debate about this is underpinned by a separate report, by the Yorkshire Building Society in September, which looked at the affordability of property and how that’s changed by each region since 2007.
Effectively, what they’re looking at is how much have house prices grown, how much have earnings grown and have earnings grown faster than house prices.
The good news is that, in Yorkshire, affordability has improved by 13.7% but affordability in London has decreased by 38.8%. And that’s the reason why we’ve got this two speed market.
This year, Preston Baker have sold 86% of properties that we have been instructed to sell. When you consider that a number of sellers will not get the property they want or have a change of circumstances and take their properties off the market, we are selling a staggering percentage of property.
Clearly this is thanks to our excellent team but it’s also a sign of the strength of the market. If you’re thinking of moving in 2017 my clear advice is that it’s a great market to do it, don’t be put off by the fake news because that’s true for London but certainly not true for Yorkshire and we’d love the opportunity to get you moving.
Thanks for watching and I’ll see you again in November.
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