The year ahead: a steady mar­ket as price in­creases come to some places

There are glim­mers of hope for the York­shire prop­erty mar­ket this year, ac­cord­ing to our fore­cast­ers who re­veal their pre­dic­tions for 2013

Yorkshire Post - Property - - PROPERTY - Ste­wart Charnock-bates of the Charnock Bates es­tate agency, Hal­i­fax Mark Man­ning, of Man­ning Stain­ton es­tate agents, Leeds Tony Wright, part­ner and head of res­i­den­tial for Carter Jonas in York­shire Tim War­ing, head of Knight Frank’s es­tate agency team in

“The fi­nal six months of 2012 saw signs of re­cov­ery in the UK prop­erty mar­ket and this has also been the case in Calderdale, as the area ben­e­fits from strong de­mand from com­muters us­ing the M62 from Manch­ester to Leeds. I can see no rea­son why 2013 should not con­tinue in the same vein with house sales in­creas­ing as a re­sult of pos­i­tive eco­nomic in­di­ca­tors, new house builders slowly re­turn­ing to the mar­ket and real signs that we are fi­nally emerg­ing from this pro­longed re­ces­sion.

With real­is­tic ask­ing prices and sen­si­ble banks, 2013 prom­ises to be a step in the right di­rec­tion for per­fectly lo­cated Calderdale, from where you can ac­cess Leeds, Manch­ester, Hud­der­s­field and Brad­ford all in less than 45 min­utes.” best we can hope for is a sta­bil­ity, which in many respects is quite help­ful to buy­ers and sellers. It means we all know where we stand. As ever, fun­da­men­tals are vi­tal and they are lo­ca­tion, con­di­tion and pric­ing. Get one of those wrong and a prop­erty will hang around for months.

We will con­tinue to see the growth of ‘gen­er­a­tion rent’, the un­der 40s who now opt to rent in­stead of buy, at least for the time be­ing. We will also see the emer­gence of more cor­po­rate and in­sti­tu­tion­al­land­lords. Th­ese new land­lords are at­tracted by high lev­els of ten­ant de­mand and prop­erty oc­cu­pancy. York­shire of­fers healthy ren­tal yields even if cap­i­tal growth is more muted. Re­gret­tably, I don’t see trans­ac­tion lev­els ris­ing much in 2013. Few homeowners will move for the sake of it; leav­ing house sales stim­u­lated by some down­siz­ing or up­siz­ing and the usual forced sales through deaths and di­vorce. Depresssing maybe, but I think we can look pos­i­tively for some growth in 2014 and be­yond. And even if most homeowners are stay­ing put for now, let’s face it, York­shire is a great place to be.”

“I be­lieve 2012 was the year that sellers and buy­ers ac­knowl­edged this mar­ket as be­ing the new nor­mal. It was also a year of ac­cep­tance that prices are not go­ing to in­crease in the short term. The mar­ket in 2013 will have much the same feel. There will be some who run out of pa­tience and de­cide it’s time to move on and oth­ers who are happy to sit tight. It has been no­tice­able over the course of 2012 that the num­ber of pres­tige homes avail­able across the re­gion has con­tin­ued to fall, a pat­tern which has been with us for some years. For the buy­ers this will prove frus­trat­ing but for sellers it should pro­vide some en­cour­age­ment that per­haps it’s a good time to sell.”

“Last year proved to be an­other year of highs and lows. Some prop­er­ties have sold well amidst healthy com­pe­ti­tion, while oth­ers have taken longer to find the right buyer. Con­fi­dence re­mains frag­ile. How­ever, de­spite this on­go­ing un­cer­tainty, re­al­is­ti­cally priced and proac­tively mar­keted prop­er­ties are still cre­at­ing in­ter­est. In fact the RICS re­ported the largest rise in new buyer en­quiries for three years as 2012 drew to a close.

In 2013, we an­tic­i­pate a gen­eral im­prove­ment in mar­ket con­di­tions, although this will not nec­es­sar­ily re­sult in an in­crease in prices. Our ad­vice for any­one who is con­sid­er­ing mov­ing at some point in the New Year is not to de­lay. Get on and take ad­van­tage of im­prov­ing mar­ket con­di­tions. There may well be pos­i­tive pent up de­mand with more ac­tive buy­ers and fewer prop­er­ties be­ing of­fered for sale than later in the spring.”

“I an­tic­i­pate 2013 will be a year of con­sol­i­da­tion and this will re­flect in the hous­ing mar­ket across York­shire. I am hope­ful that if the sense of re­al­ism con­tin­ues, we could see a growth in sales dur­ing the forth­com­ing year. There is now wide­spread ac­cep­tance that times and val­ues have moved on and peo­ple are re­al­is­ing there is no point in re­flect­ing on what your house was worth in 2007.

I also ex­pect the con­tin­ual im­prove­ments to the re­gion’s in­fra­struc­ture, which will help un­der­write con­fi­dence in the mar­ket. A to­tal of 38 per cent of the buy­ers through Knight Frank years and it will be many years be­fore we ever ex­pe­ri­ence an­other prop­erty boom. At the moment, buy­ers are find­ing it ex­tremely dif­fi­cult to get credit and un­til that changes the mar­ket in York­shire and else­where will not al­ter.”

“What we are see­ing now is the emer­gence of the elu­sive Lon­don buyer. The gap be­tween Lon­don and North York­shire prices has more than dou­bled since 2008 and one or two have spot­ted the value to be had up here, both in York and in the coun­try house mar­ket. But they are canny and will not pay over the odds. So don’t over­price is my ad­vice.

York has held up very well and looks set to con­tinue to do so this year.

The old favourites will pros­per, par­tic­u­larly the Howar­dian and Ham­ble­ton Hills. Vicarages and Rec­to­ries are top sellers as are houses really well fin­ished. If it’s prime it can still fly, but when a buyer can find even a tiny flaw, the house may stick.

Proper pric­ing will bring the best re­sults. Why, oh why, do we all imag­ine that our house will buck the trend and make a fancy price when no one else’s does? The seller I vis­ited in 2007 put her house up for sale at just over twice the fig­ure I gave her and it’s still for sale. Now she’s had five years of mis­ery, three dif­fer­ent agents, and around six price re­duc­tions. Bless her. She is a les­son to them all.”


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