Data shows York house prices fall while average rents soar

According to Office of National Statistics (ONS) figures, renters in York pay the highest average monthly rent in Yorkshire and the Humber, with the figure reaching £1,089 in March 2024.

That was a hike of 13.2 per cent when compared to March 2023, when the average rent in York was £963. 

The cost of renting in York is accelerating far beyond the UK average, the figures suggest.

Meanwhile, house prices in York are actually now falling, but the dip is being blamed on high interest rates which are pricing people out of being able to afford a mortgage. 

The ONS figures suggest that in February 2023 the average house price in York was £323,000. But in February this year, the average house in York cost £313,000 - a 2.9 per cent drop. 

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York Central MP Rachael Maskell said: "In York, there is a housing affordability crisis, people who want to buy a home, are finding it more difficult to save the deposit for a mortgage, whilst the rents to live in York compared with the wages earned just doesn’t stack up.

"I have recently sponsored a motion to the House of Commons regarding the cost of private rent in England and rent controls; and I will continue to campaign and champion a fairer deal for renters."

Despite the fall in house prices, York still has the highest average house price in Yorkshire and the Humber.

Executive member for housing, Cllr Michael Pavlovic (Image: Pic supplied)

City of York Council's executive member for housing, Cllr Michael Pavlovic, said: "House prices are stabilising slightly after many years of significant increases, partly due to mortgage interest rate increases and partly due to York wage inflation not matching those increased housing costs.

"On rents, because people cannot afford to buy this drives up demand for rented accommodation and consequently the rent levels that landlords can charge.

"An added element affecting popular tourist destinations like York is the flipping of family homes to short term holiday lets, reducing the supply of homes to rent and further driving up rent levels."

He added: "An interesting point in the ONS figures is York being the most expensive place to live in Yorkshire and the Humber.

"The impact of this is people increasingly looking beyond York's boundaries to afford a home to buy or rent."

The property type with the fastest decline in value in York is flats, closely followed by terraced housing. Meanwhile, semi-detached homes are witnessing a steadier decline.

The ONS figures suggest that the average price for a detached property in York sits at £503,000. For semi-detached properties the figure was £327,000; terraced properties were £273,000; and flats and maisonettes £196,000.

The average price of a home bought with a mortgage in York was £317,000 in February 2024. This was lower than an average of £326,000 in February 2023. First-time buyers paid an average of £269,000 in February 2024. This was lower than the February 2023 average of £277,000.