What’s happening today within Ryedale and the North York Moors Property Market?
The market is currently starved of stock and at Peter Illingworth stock levels are now at a 30 year low. This is for varying reasons:
Stamp duty penalty on second homes
Forthcoming changes in taxation rules for landlords
The area Peter Illingworth principally operates in, is rural and in the main covers the North York Moors National Park and Northern Ryedale, encompassing the market towns of Helmsley, Kirkbymoorside, Pickering and surrounding villages. The makeup of the general population is generally older and many live in the area because it is a real lifestyle choice. Therefore people by and large do not have to move as they would do in urban areas for change of jobs and increasing family etc.
The market is desperately short of three bedroom-semi detached homes with car standing areas and garages. Twenty years ago these properties would be the bread and butter for agents. However, they have also become the bread and butter for landlords. Meaning that the old figures of people move every seven years is meaningless to this type of housing, as once placed into the rental sector they are rarely seen on the market again. The effect of this is the bottlenecking of the market, upsizers and downsizers have nowhere to go if they wish to remain in the locality. Nearly every market appraisal results in the person wishing to sell, quite rightly anxious about putting their properties on the market and with no properties short listed to go to, possibly with the exception of rental; but with the market so short of stock, taking a rental, a would be buyer could risk being caught out by a rising market with interest rates being so extraordinarily low and high demand for so little stock.
The likely increase in interest rates in the coming months may serve to stimulate the market, landlords who have significant mortgages, may decide to sell. Then there will be those who will struggle to make their mortgage repayments. Property in this area is looking good value when compared now, to many urban areas, those wishing to take on “the good life” may decide to bite the bullet and move. With so much uncertainty and crystal ball gazing the future of the local housing market is really anyone’s guess.