The average asking price of property coming to market in Yorkshire and Humberside has jumped by 1.9% in the past month, which is significantly higher than the national increase of 0.4% and makes it the top performing region in the UK, according to property search giant, Rightmove.
This comes after Yorkshire and Humberside recorded a 1.9% fall in August, meaning prices have recovered from their usual summer lull, but are still only 2% higher in the region than they were 12 months ago, with the average home now priced at £258,568.
Nationally asking prices have risen by just 0.4% in the past month, which is 0.1% lower than a year ago, with London and the south driving the dip. This is the first national annual price drop since January 2024, which Rightmove suggests in the culmination of several months of competitive pricing by new sellers over the summer.
However, the number of sales being agreed nationally is 4% ahead of this time last year. In the south of England, it is still up by 3% year-on-year, while it’s up by 5% across the rest of Great Britain.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, said: “In part the market has been running through a period of normalisation recently, with stock levels having slowly increased over the past three years to finally reach the ‘normal’ levels which were typical pre-covid. This gives an excellent choice to buyers across the whole price spectrum, but it does mean price growth is subdued.
“Tax changes cannot be far from buyers’ minds and the risk that the chancellor will do something radical in the budget is weighing on the upper sector, although August’s interest rate cut has brought some renewed activity to that part of the market. Meanwhile, the mid-range market, where homes typically cost £400,000 to £800,000, remains relatively robust. But, as ever, it’s all about sensible pricing and realistic expectations.”
Colleen Babcock, property expert at Rightmove, said: “We’d expect to see a slight uptick in new seller asking prices in September, with the traditional back to school season boosting activity heading into autumn. This year’s 0.4% September price rise is a little lower than the norm, which is an average of 0.6% at this time of year. However, prices have now dipped slightly from where they were at this time last year after a summer of competitive pricing by sellers, and it’s the south of England which is driving this small dip. It’s the sensible and attractive seller pricing we’ve been reporting which has been helping to drive more sales activity compared to last year. Static house prices, rising wages, and lower mortgage rates all assist buyer affordability, which has led to an increase in the number of sales agreed compared to a year ago.
“Rumours of property tax changes began swirling in mid August, and with the Budget itself not arriving until the end of November, this kind of extended uncertainty can affect market activity, especially in the higher price brackets. Movers want to be confident in planning their moving costs. Our real-time data has not yet picked up any major shifts, however it’s understandable that those who could be negatively affected by the rumoured changes might be in the process of reassessing their short- and medium-term plans. Our analysis highlights how London and south England-centric the changes would be, and these are the areas that are already performing less strongly.”
