A change from town to city status could bring about a substantial boost to Doncaster’s housing market.
The new city status unlocks brand new opportunities for prospective economic growth for Doncaster and the surrounding South Yorkshire region, from commerce, trade and entertainment to the arts and tourism, and my research shows it could also help to enhance Doncaster house prices.
I researched the house price growth across six English and Welsh towns that have attained City status cities since the Millennium and how house prices have changed over the two years following this change to City status (Southend-on-Sea was the seventh town made a city in February, so it’s too early to ascertain the effect on house prices)
On average, those six towns that achieved City status between 2000 and 2013 (Brighton & Hove and Wolverhampton in 2000; Preston and Newport in 2002 and Chelmsford and St. Asaph in 2013), saw their house prices grow in the two years after city status, grow 14.6% higher than the English and Welsh average in the same two-year period
2000 Millennium City Competition
One of the towns that achieved City status was Brighton & Hove. Property values in Brighton & Hove grew by 39.79% in the two years after achieving the City status. Wolverhampton grew 34.98% in the same two years. Nationally, average house price grew by only 25.63%
2002 Golden Jubilee City Competition
To celebrate the Queen’s Golden Jubilee in 2002, Preston and Newport were both given city status. Two years later in 2004, house prices increased by 65.49% in Preston and 59.42% in Newport, both outpacing the national growth during the same two years which was 30.91%
2013 Diamond Jubilee
To celebrate the Queen’s Diamond Jubilee in 2012, St. Asaph and Chelmsford were given city status. Chelmsford saw house price growth between 2013 and 2015 of 19.52% whilst St. Asaph saw house prices increase by 11.17%. The national average was a growth of 14.63%, showing the City status doesn’t always guarantee above average house price growth
Predictions for Doncaster
What could city status mean for Doncaster?
Presently, the average house price in Doncaster is £156,046.
I don’t believe we will see a growth of 14.6% (as some of the average growth was in the crazy market of 2002 to 2004), yet I certainly believe it will add an additional 4% to 6% on top of Doncaster house prices in the next two years, compared to as if the status hadn’t been achieved
That could mean Doncaster homeowners could be £6,241 to £9,362 better off in a couple of years because of the excellent news.
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