Advice on buying a large house near York

Jones82

Hi.

Me and some good friends are thinking about buying a large house near York together. Around 5 bedrooms possibly maybe 3. So could be £400,000 or £250,000 ish.

We are very good friends and think we could handle the social aspect but the real question is...

Would it be wise to purchase a large house in an area which could suffer in a possible market slow down. I've noticed the prices in York are sky high for the North and growing up there I know it is a very desirable place to live.

Two of us have property at the moment some distance out from York, around 15 miles and I'm worried that these may be better to hang on to. We have already made some nice equity and what if buying near York would throw that away...

Thanks

ameliarate

I have lived in York all my life and doubt very much that prices will drop at anytime though the market is slow at the moment. If you buy in the YO10 area then due to the proposed expansion of York University chances are property prices there will increase more than in other areas, that would be Fulford, Heslington, Heworth, Badger Hill or Osbaldwick.

York is a great place to live. Hope this helps.

poppy10_2

I also live in York.

York is hideously overpriced at the moment, and the market is dead - the same properties have been languishing in estate agents windows for months. I think we will be one of the hardest hit cities in the current slump.

If you are insistent on buying, a house is a better bet than a flat - there are loads of new developments of flats currently being built all over York, so the market is going to be flooded with them in 9-12 months time.

Jones82

Thanks for your replies.

As I thought its kind of on a knife edge right now, I agree about the flats.

We would deffinately be aiming for a house I just hope we see some equity or at least break even after a few years.

moneysavinmonkey

Certainly could be stormy in the property market for the next few years,
you might be able to ride it out but then what happens if you fall out with one of your friends or someone meets someone and wants to go live with their partner or they have a baby or something... make sure you eyes are open to the risks you are taking and for what reward???

m00m00

york has always been out of sync with the surrounding areas regarding property prices, even 10 years ago when I lived there.

CCCele

Just don't buy too close to the new campus area. It will be noisy for years while the building is going on.

m00m00

and having lived close to the university for 4 years, noisy as hell after it's finished being built for most of the year too

epz_2

the theory is sound, you get a LOT more for your money the more you spend, just make sure you have an agreement in place if one of you wants to move out.

as to house prices well thats anyones guess, imho big houses are hard to shift at the moment so you should get a better price and they will likely be less affected by price drops than 2 bed flats but what do i know.