Chris Brierley comments on the future of the York property market looking at a very common question:
Is there a property crash coming?
There is always a possibility, especially with the risk of a hard Brexit vote. A hard Brexit might see prices fall in some areas of London and the south-east where property prices are high, with added risks if interest rates rise.
However, in York there is less likely to be a slump. Economic growth in York last year was at 12.5% (much higher than the rest of the country). A strong local economy is likely to attract people to the area who will look for property keeping demand high.
Furthermore, York is undertaking massive investment developing the city’s commuter railways station, and the area around known as York Central. This includes a commercial sector fueling both economic growth and the housing market further.
The York Central Project is a partnership comprising Network Rail, the Homes & Communities Agency, National Railway Museum and City of York Council.
The project estimates it will deliver over 6,000 new jobs, 100,00m2 of new commercial space and up to 2500 new homes. The masterplan began during this summer, with outline planning applications being processed.
In addition the City of York Council is to receive £50,000 to develop bids for improved links between suburbs and city centres. The investment in turn supports sustainable transport like cycling, and will significantly improve air quality also.
As part of the Great North Rail Project, Network Rail is upgrading railways between Manchester Victoria, Leeds, Selby and York. The upgrade intends for travelling to be faster, more frequent, and more reliable.
In conclusion although a property crash is possible in parts of the country, in York the outlook is much brighter with many successful investments and developments into the city and its surrounding area.