Londoners flock to York as property market booms
YORK has become one of the North’s best performing property markets due to soaring demand for a limited supply of prime property, with a good chunk of new buyers coming to the area from London.
Currently 17% of York’s buyers are relocating to the region from London and this trend is increasing.according to the Prime Yorkshire report by Savills.
City centre values are now 8.2% above their 2007 peak.
Yorkshire property company Rushbond has welcomed the news, after securing planning permission for a major restoration project at St Leonard’s Place.
The historic Grade II* listed crescent, together with the adjoining Grade II listed properties on Museum Street, will now be restored to their former glory and converted into five townhouses and 29 apartments.
Mark Finch, director of real estate at Rushbond, says: “This research demonstrates how the world-class attractions of York make it a great place to live, as well as work and visit, and how there is another significant and exciting opportunity for the City Centre economy as demand grows for high quality homes.
“The St Leonard’s Place development will appeal to national and international, as well as local and regional buyers, who want an exceptional home in a landmark building.
“This market-leading development will offer people an additional and fantastic opportunity to live in the City Centre, adding another dimension to the local economy, as well as acting as a catalyst to encourage other high quality developments throughout the City.”
Matthew Jones, residential development director at Savills said: “The increased demand witnessed in York City Centre is a trend that our research shows is mirrored in places like Bath and Cambridge; both cities that share an equally rich architectural heritage.
“Ultimately, there is strong demand for a limited supply of prime property in these cities. As a result, St Leonard’s Place will undoubtedly become York’s most prestigious address and be a highly sought after addition to the city’s residential market.”
Tanya Coffey, residential egent at Savills York adds: “The gap between house prices in prime London and prime Yorkshire is now at an all time high and it comes as no surprise that growing numbers of buyers are heading to the region from London.
“However in York City Centre, a key source of demand is also coming from downsizers, often moving from London or the countryside. York also offers incredible train links to London, Leeds and Edinburgh and an excellent variety of shops and leisure destinations.
“Across the region the number of buyers registering with us has increased by 29.9% and viewings are up by 13.4% on 2013.”
