According to Rightmove’s figures, the monthly dip in Yorkshire and the Humber is just 0.9%, which is still 9.9% higher than this time last year, meaning the average asking price is now £241,489, compared to a national average of £365,173.
The imbalance of new property stock also continues to ease. Rightmove said new listings are up by 12% on the same period last year, and in North and West Yorkshire, leading estate agent, Dacre, Son & Hartley, has almost 50% more properties, either for sale or under offer, than this time last year.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 21 offices in West and North Yorkshire, said: “A minor price dip in August has become the norm as holidays take priority at this time of year. Some new sellers will also decide to price more competitively if they have set their sights on moving before the end of the year. After a frantic couple of years, it was to be expected that the market would gently return to normal.
“Many houses are still subject to multiple offers and the fact is that demand remains strong. The increase in stock that we have experienced over the past 12 months is very encouraging, although we still have 20% less stock than before the pandemic. This is continuing to create an imbalance between supply and demand. As a result, we still have high numbers of buyers registered with us who are searching for homes across most sectors and areas.”
Tim Bannister, Rightmove’s director of property science, commented: “A drop in asking prices is to be expected this month, as the market returns towards normal seasonal patterns after a frenzied two years, and many would-be home movers become distracted by the summer holidays. Indeed, for those that can, this may be their first summer holiday abroad since before the pandemic.
“Nevertheless, we’re still expecting price changes for the rest of the year to continue to follow the usual seasonal pattern, which means we’ll end the year at around 7% annual growth, even with the wider economic uncertainty.
“Several indicators point to activity in the market continuing to cool from the lofty heights of the last two years. It’s likely that the impact of interest rate rises will gradually filter through during the rest of the year, but right now the data shows that they are not having a significant impact on the number of people wanting to move.
“Demand has eased a degree and there is now more choice for buyers, but the two remain at odds and the size of this imbalance will prevent major price falls this year. For those looking to move who are concerned about interest rate rises, it’s important that they get a mortgage in principle early on in their moving journey to understand what they could afford to borrow, and find out about the rates available to them to assess what they are able to repay each month.”
