Areas in York settled by young and affluent workers are likely to see a hike in property prices, according to forecasts by a national analyst.
Using lifestyle surveys and government statistics, consumer intelligence company CACI identified the “rising prosperity” demographic.
These are comfortably-off young singles, couples or new families who want to live close to work and leisure opportunities. And where they choose to live, says CACI, house prices rise faster than the average.
Using these figures, the Sunday Times identified York’s Guildhall ward as the city’s hottest spot for the “rising prosperity” tribe.
The article (link here – behind paywall) quotes Neil Samms, a director of Lancaster Samms estate agency on Low Petergate, saying that a two-bedroom starter flat in Guildhall ward would would cost £275,000.
“This relatively high price deters everyone except the most well-off, child-free purchasers, or buyers who want a pied-à-terre,” the report goes on.
“According to Samms, values in the pedestrianised area have risen by up to 10% in the past year, driven by stock shortages.”
It picked out two more areas with a similar demographic. “Trendier Micklegate”, with its shops, bars and bistros, now sees three-bedroom Victorian terraces go for £300,000 and two-bedroom flats for £200,000.
Then there’s Fishergate, a “family magnet thanks to its good schools and leafier locale”. A four-bedroom Victorian terrace sells here for £300,000 to £400,000.