£1.12bn – The total value of all Selby Property Market
“How much would it cost to buy all the properties in Selby?”
In the last 14 years, since the autumn of 2002, the total value of Selby property has increased by 65% or £441.9 million to a total of £1.12 billion. Interesting, when you consider the FTSE100 has risen by 68.9% and inflation (i.e. the UK Retail Price Index) rose by 38.7% during the same 14 years.
When you delve deeper into the numbers, the average price currently being paid by Selby households stands at £160,638.… and if you split the property market down into individual property types, the average numbers come out like this...
This is even more fascinating when you multiply the total number of each type of property by the average value. Even though detached houses are so expensive, when you compare them with the much cheaper semi-detached houses, you can quite clearly see detached properties are no match in terms of total pound note value of the semi-detached houses.
So, what does this all mean for Selby? Well as we enter the unchartered waters of 2017 and beyond, even though property values are already declining in certain parts of the previously over cooked Central London property market, the outlook in Selby remains relatively good as over the last five years, the local property market was a lot more sensible than central London’s.
Selby house values will remain resilient for several reasons. Firstly, demand for rental property remains strong with continued immigration and population growth. Secondly, with 0.25 per cent interest rates, borrowing has never been so cheap and finally the simple lack of new house building in Selby not keeping up with current demand, means only one thing. It might be a bumpy ride over the next 12 to 24 months but, in the medium term, property ownership and property investment in Selby will ride out the storm.
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