THE number of York homes sold for more than £1 million in the past year has shot up compared to the year before.
A total of 28 residential home sales exceeding the value of £1 million were made across York postcodes between July 2021 and July 2022, up from 20 in the previous year.
York is number 64 of cities across England, Scotland and Wales as having the greatest number of sales over the price point, with sales reaching £2.35 million.
Ben Hudson, director of Hudson Moody estate agents on Micklegate said: “The number of properties sold above £1 million in the York area is up over the last 12 months from around 20 in 2020 – 2021 to 28 in 2021 -2022.
“This has primarily been driven by the fact post covid more people are able to work from home and buyers who were formerly going into their offices in London are now choosing to live in areas such as York closer to families and friends.
“They have of course sold up in London where prices are much higher and this has given them more cash to spend which has pushed up prices of these properties as buyers compete with each other.
“York’s fast train line to London has made it a city of choice for many of these buyers.”
One of these properties, sold for £2.35 million in August 2021, was a seven bedroom home on Rawcliffe Lane
A walk away from this property are two more that were sold at the higher end of this price point – one on Marygate sold for £2.25 million, and one on Bootham for £1.6 million.
Another two were both sold on Shipton Road, one for £2.15 million, and another sold for £1.75 million.
However, the HM Land Registry statistics on sold house prices show that the total value of these sales has decreased by 67 per cent in the same period last year, from £81.55 million in 2020 to 2021, to £40.45 million 2021 to 2022.
Property Solvers co-founder, Ruban Selvanayagam, said: “Although there remains a healthy volume of sales in this price bracket, such a pronounced drop would suggest that buyer appetite for these types of homes is decreasing.
“£1 million plus properties - even for the wealthy - are a major commitment and indeed affected by the wider economy.
“With unabated inflationary pressures and rising interest rates as a result, it would not be too much of a surprise to see a continued cooling off across the high-end property market in the coming year at least.”
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