Ripon Property Market Update June 2016

Property Ripon
It is not just Ripon’s popularity as a place to live that is growing year-on-year – so too are property prices in England’s third smallest city, they have risen by 7% in the last year alone, according to Land Registry data.

It has been a year that has witnessed a resurgence in Ripon’s appeal as a place to live, work, commute, go to school, socialise…and relax. And it holds appeal to a mixture of people - singles, couples and families all living in the same areas. 

Our analysis of a range of independent data from Land Registry also explored the health of the wider property market.  It found that the majority of all house sales in Ripon during the last year were terraced properties, which on average sold for £181,279. Detached properties had an average sold price of £353,505 and semi-detached properties averaged at £208,727.

Ripon, with an overall average price of £223,305, was found to be more expensive than nearby Thirsk (£197,540), but was cheaper than Boroughbridge (£267,539) and Masham (£245,987).

RM Ripon3

In the past year house prices in Ripon were 7% up on the previous year alone – and this figure is set to rise as demand for properties continues to grow – we have more than 600 people on our database actively looking to buy.

And it is easy to see why – Ripon boasts excellent schools including Ripon Grammar School, one of the most highly regarded grammar school in the North. 

It offers a wide range of recreation facilities including a cinema, swimming pool, racecourse and golf course. Spectacular open countryside, and National Trust sites including Fountains Abbey, Studley Royal and Brimham Rocks, are all close by.

And with easy access onto the A1 (M) North and South, the A19, and the A61 to Harrogate, nowhere is too far away. 

Not surprisingly, population research we have carried out shows that this demand for homes is likely to increase further in the future.

The population within a two-mile radius of our Ripon office currently stands at 18,464.  An increasing number is aged under 15 – highlighting the demand we see among buyers for good-sized family homes.

Within this population, well over half are economically active ensuring high degrees of spending power. Around two-thirds of all properties are owner-occupied.

By 2023, this area’s population is expected to have risen by almost 6%.

The most typical buyer attracted to this area is younger households settling down in housing priced within their means, followed by thriving families who are busy bringing up children and following careers. There is also a notable number of elderly people with assets who are enjoying a comfortable retirement.

We expect that these trends will continue.

*Data sourced from Land Registry, last updated 29th April 2016. Demographic information taken from Experian report Oct 2015.

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