Latest national figures from Rightmove reveal that monthly asking house price growth currently stands at 0.2%, and 1.7% in the year to April. However, the figures show that in Yorkshire and the Humber, asking prices rose by 1.2% in the past month, and 3.9% over the last year, making it the UK’s best performing region.
This means that in Yorkshire and the Humber, the average property for sale now has an asking price of £244,078.
Rightmove’s data also shows that first-time-buyer type properties have hit a new record price of £224,963. In addition, sales agreed numbers have recovered and are now in line with the more normal pre-pandemic market of March 2019, as well as exceeding last September’s level, after which they plunged by 21% following the mini-budget aftershocks.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “After several years of stock shortages, we’re now seeing good levels of new listings, in all sectors of the market, which is welcome news for many potential buyers who have been waiting for more normal market conditions to return.
“This also coincides with more positive messages about the economy, which is proving to be far more resilient than many expected, as well as fixed mortgage rates easing as lenders compete for business. This is all translating into increasing confidence amongst buyers.
“For anyone thinking about moving, realistic pricing is key, as well as using a reputable local estate agent who thoroughly understands the market and knows the area inside out.”
Tim Bannister, Rightmove’s director of property science, commented: “Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price. The current unexpectedly stable conditions may tempt more sellers to enter the market who had been considering a move in the last few years but had been put off by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available. However, those who have now decided to make a move should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling twelve days more quickly than at this time in 2019.
“The first-time-buyer sector typically accounts for over a third of all sales which are often the start of chains, so these positive sales agreed figures are good for the health of the whole market. The current multi-speed market is highlighted by sales of larger homes continuing to lag behind, with some sellers in the upper sectors likely needing to show a greater degree of pricing restraint to attract buyers in this much more price-sensitive market. More competition amongst lenders in the smaller deposit, higher loan-to-value ranges is positive news for those would-be first-time buyers who have saved up their deposit and can still afford to move. However, it remains a challenging environment to get onto the ladder, with new record average asking prices and higher borrowing costs to budget for than a year ago.”