Shelter are reporting that it could take a couple 12 years to save up enough to climb onto the housing ladder in York. This is in line with the average for the whole country.
It compares to 11.3 years in other parts of North Yorkshire.
Elsewhere in the country the shortest time is in Durham (7.5 years) while in Cornwall the time to save is over 16 years.
In London you could wait 29 years in Camden before being able to buy.
The shelter data can be accessed by clicking here.
In York, following a housing price peak in 2008, average prices have fallen while average wages have risen.
In the City at the moment, there are several 1 bedroomed “starter” flats advertised at around £120,000. The average wage is about £24,000 a year in the City. Most mortgage agencies are now requiring a 20% deposit.
If the current Local Plan for York is implemented then house prices AND THE VALUE OF EXISTING PROPERTY could fall by around 10%. With around 10% of homeowners already in negative equity (their home is worth less than their outstanding mortgage) 100’s more could be plunged into this debt trap.
Falling house prices could lead mortgage companies to demand higher deposits as they seek to ensure that their loans are secured by the property value.
Kingsway West £85,000
So what are house prices like in the real world in York? (Shelter uses average values and average wages to make their comparisons)
In March a 2 bedroomed house in Moss Street was sold for £135,000 while a 1 bedroomed terraced house in St Pauls Terrace fetched £125,000
Amongst those currently on offer are a 2 bedroomed flat in St Stephens Square for £70,000 and a 2 bedroomed house in Kingsway West at £85,000.
A 3 bedroomed house in Spurr Court is advertised for £125,000.
On the private rental market, £400 a month secures a 1 bedroomed flat in Holgate Road
2 bedroomed flats start at £495 pcm in Front Street
However, the cheapest 3 bedroomed property is in Beagle Ridge Drive (£795 pcm)
The average value of property in the YO24 area is £173,000. This is less than the national average (£188,000)
