Yorkshire prices down but still 4.1% higher than last year
National trends across England and Wales has seen the average asking prices of homes across the country fall 0.4% in June, rising just 0.1% in July. And when we look at these numbers regionally, five of the 10 regions are down with another two on a 0% change.
What does this all mean?
As we can see from the Rightmove house price index, Yorkshire and the Humber prices fell by 1% in July but are still 4.1% up on this time last year. This puts our region third in terms of the largest increase, behind the neighbouring East and West Midlands.
It’s been spoken about how house prices have risen a staggering 25% in the last five years and the effect the uncertainty of the economy is having with low interest rates slowing price rises to a four-year low. But, a lot of this is a London centric problem, and that has led to Manchester topping the table to average house price growth this year.
What’s happening across our area?
In some areas, there has also been a drop in sales, but that’s simply not the case in the north of England. In actual fact, Ian Preston’s July Property Market Update showed how sales are actually up by 11% year-on-year.
One thing that is true though is that the lack of properties on the market is putting some buyers off, which causes a knock-on effect because their home doesn’t reach the market. Let’s take a look at what’s happening across our five main regions.
As we can see, York continues to be a particularly strong property market, which is great news for the city, but Sheffield and Selby also saw a positive percentage change in house values last month. On the flip side, lower prices in Leeds might show an opportunity for buyers to move up the ladder.
Wondering why you should buy? Our very own Ashley Mehr recently wrote about six reasons why you should invest in property - it might be the perfect place to start.
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