News

Peter Illingworth casts an eye over the Ryedale Housing Market

Who would have thought the Pandemic followed by the war In Ukraine could have been anything but science fiction, but it has happened and continues to be a major factor of our lives.

 

The pandemic has forced us and businesses to change their behaviour.  Technology with the superfast broadband has probably advanced business by 20 years, with the outcome of many working from home and many of those high earners. 

 

Broadband now has become so important that the saleability of a property has become essential to have access to this modern technology. 

 

Technology and cloud based telephone communications allow people to work as if they were in the office.

 

Taking a look at Ryedale, the  schools have a had a marvellous track record of educating students to a very high standard, thereby leading them to higher education and wider opportunities that were not available until now in rural areas.   Now more than ever some have the opportunity to return home before their retirement from urban areas where previously it was essential to live.

 

Low interest rates with high inflation set against uncertainty make many investments no longer safe havens, would-be home owners, home owners, and investors are seeing property as a safer bet in rural areas.  Particularly principle dwelling houses which currently are tax free on sale, investing in your home set against having savings depreciating against inflation, surely is a safer bet.   ISA’s are attractive but are at risk to market turbulence.  Most other investments attract capital gains tax on sale and can go down as well as up.  It is difficult to remember a time where interest rates are cheaper than inflation.  We are also noticing a substantial increase in the demand for second homes and particularly substantial properties throughout Ryedale which were extremely difficult to sell pre-pandemic. 

 

The focus now is in turning to the ‘Baby Boomers’, many are seeking to retire early and find that lifestyle choice that was not available to them up until recently.

 

We as agents are flooded with applicants on our mailing list wishing to purchase in the area. The Internet also is a significant driving force, which includes our own website Peterillingworth.co.uk, Mayfairoffice.co.uk, Rightmove, Onthemarket, Zoopla, Primelocation, and Boomin, with social media such as Facebook and Instagram as well creating instant enquiries as soon as a property is launched.  With so little stock and with about 2000 applicants on our mailing list we at the moment can see no relief from increasing prices as there is not enough stock to satisfy demand. 

 

Buyers are showing signs of being spooked by the market and we have seen them withdraw yet for us to sell the property at an even higher price.  This was also backed up from a Mayfair Office northern meeting held at York Racecourse last week where the agents there were saying the same.

 

We at Peter Illingworth today celebrate 32 years of being in business and what is apparent to Peter is that there has never been a normal in the property market.  However, over the years through thick and thin we have endeavoured to look after our clients best interests, offering knowledge, understanding, integrity, reassuringly experienced, practical and realistic knowledge of the local market...experts in our field.

 

For further information contact Peter Illingworth on 01751 431107