Residential News: North Yorkshire Property Market Update

With all of the previous few weeks' ups and down's and prior to the Autumn Statement (now scheduled for November 17th), Lynn Nixon takes a look at the North Yorkshire property market and what the budget changes mean for buyers.

Although the ‘mini- budget’ caused chaos in the financial markets, there are still positive ‘shoots’ within the housing market.

Firstly, the reduction in stamp duty stands to be of benefit to many. Previously, you would pay stamp duty tax on a home, or the portion of a home, priced between £125,001 and £250,000 however now no stamp duty is payable below the price threshold of £250,000.

This well-presented 2 bed semi-detached home on Scholla View in Northallerton, is available at a guide price of £170,000 would be perfect for someone just wanting to purchase a first home perhaps but is now totally exempt from stamp duty tax for all home-movers.

During the last couple of months, more properties have become available for sale. Although some buyers are concerned about the increasing cost of living & the increase in interest rates, for others, the property of their dreams has at last become available without being sold within a matter of hours. There has been much speculation about house prices & what may happen & whilst price growth may begin to slow, the market will return to pre-pandemic levels.

This characterful cottage is located in the heart of Romanby, within walking distance of the mainline train station, shops & well-regarded primary schools.

The financial markets have reacted in a more positive way since the reversal of some of the measures which were introduced in the mini – budget & the appointment of the new Prime Minister. Some economists are now predicting that interest rates will not need to be increased to as high a level as previously thought which has instilled more positivity within the housing market.

For those who have been stuck in the rental trap paying spiralling rents, a settling of the market may bring the price of some properties within their budget, so together with this & the cut in stamp duty, despite the higher interest rates, there are new buyers who are now ready to purchase a new home.

This 4 bedroom detached property is located within the ever-popular village of South Otterington, conveniently located between Thirsk & Northallerton & within easy reach of the A1.

If you are looking to purchase a property & would like to be added to our applicant list, please contact the Northallerton office on 01609 773004 or email northallerton@youngsrps.com so that we can discuss your requirements. To view all properties currently available across the North of England visit our residential pages.