York's rocketing house prices won't be celebrated by all in city: The Yorkshire Post says

Strong house price growth can be viewed as something of a mixed blessing – generally positive for existing homeowners but much less so for aspiring first-time buyers or those hoping to move to a larger property.
By YP Comment
Published 30th Dec 2022, 11:45 GMT

This will be particularly felt in York after new analysis found it recorded the strongest house price inflation across England and Wales’s towns and cities in 2022.

Over the past year, house prices in the historic Yorkshire city have grown by 23.1 per cent, or £69,648 on average in cash terms, Halifax found.

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Since March 2020, the month when the coronavirus lockdowns started in the UK, average house prices in York have surged by 41.9 per cent or £109,457, meaning typical property values there have risen to £370,639.

File photo dated 02/10/08 of for sale and to let boards on a street in York, as the historic Yorkshire city has recorded the strongest house price inflation across England and Wales's towns and cities in 2022, according to analysis.File photo dated 02/10/08 of for sale and to let boards on a street in York, as the historic Yorkshire city has recorded the strongest house price inflation across England and Wales's towns and cities in 2022, according to analysis.
File photo dated 02/10/08 of for sale and to let boards on a street in York, as the historic Yorkshire city has recorded the strongest house price inflation across England and Wales's towns and cities in 2022, according to analysis.

It is undoubtedly a highly attractive place to live.

As the head of UK residential research at Knight Frank estate agents, Tom Bill, points out, York offers the best of both worlds when it comes to urban living and also the ‘escape to the country’ trend prevalent at the start of the pandemic.

But as city MP Rachael Maskell has repeatedly highlighted, the city is becoming increasingly unaffordable for local people to rent as well as buy, with second home owners increasingly snapping up residential properties to turn them into holiday lets.

While new houses are being built, it is too often investors rather than local families who end up being the purchasers and the ultimate beneficiaries.

The figures demonstrating exactly how much house prices are rocketing in York are an undoubted double-edged sword.

Related topics:YorkYorkshire PostYorkshireEnglandHalifax