The latest Land Registry data shows house price performance in Yorkshire’s towns and cities. Sharon Dale reports.
Analysis of the latest Land Registry data shows that Richmondshire is booming with a 20.7 per cent annual rise in house prices.
Average prices in the area, which includes the attractive market towns of Richmond and Leyburn along with large parts of the Yorkshire Dales National Park, increased from £186,832 in April 2017 to £225,476 in April 2018
The average annual rise across Yorkshire for that period was 3.5 per cent taking the average property price in the region to £158,545., while the average growth in England was 3.7 per cent.
The increase could have been influenced by supply and demand. The latest Land Registry sales volume figures, which are from February 2017 to February 2018, show that they dropped by a third - the greatest decline in Yorkshire.
The area has also been boosted by the upgraded A1, which is now three lanes allowing quicker access to Leeds and Newcastle. It is now firmly on the radar of those who are widening their search from Yorkshire’s Golden Triangle hotspots.
The second biggest uplift in prices between April 2017 and April 2018 was in Sheffield, which saw a 9.6 per cent rise in prices. Ryedale, which includes the increasingly popular market town of Malton, had the third highest increase with a rise of 8.9 per cent.
Malton and the surrounding villages have become popular with those who commute to York as they sit just off the A64 and Malton has a train station with links to York and Leeds. The area, which is surrounded by beautiful countryside and is in easy reach of the coast, has a wealth of amenities, including good schools and a swimming pool, along with independent shops and regular food festivals.
Estate agents report that sensibly priced property is being snapped up and there is a lack of stock as homeowners choose to stay put. This is borne out by Land Registry sales volume figures, which show a drop of almost a third between February 2017 and February 2018.
Craven, which includes Skipton and parts of the Yorkshire Dales, along with Doncaster saw the largest decline in prices over the 12 month period. Both saw a fall of -1.9 per cent.
See the end of this article for the full list of house price data for local authority areas in Yorkshire.
The Land Registry data also shows that the cost of a new-build home now costs three times more than existing property in Yorkshire. The Land Registry measures the period between February 2017 and February 2018 when the average price for a newly-built home in the region increased by 10 per cent to £206,984 and the value of existing property increased by 3.2 per cent to £153,092.
Over the year, semi-detached homes in the UK have risen most in value with an increase of 5.3 per cent bringing the average UK price to £214,717, followed by terraced homes which gained 4.7 per cent bringing the average price to £176,044. Flats saw the weakest growth with a one per cent rise.
The average price paid by a UK first-time buyer is £191,646 up 3.8 per cent over the year from April 2017. In Yorkshire, the average first home owners paid £136,166 which is 3.6 per cent more than last year.
Mark Manning, managing director of Manning Stainton estate agents, says: “As we enter peak season, house prices are once again on the up. Although the rate of house price growth is lower than last year, the current growth levels are creating a more stable market and we’ll see similar levels of growth continue over the next year or two. Across Yorkshire, we’re still experiencing strong house price growth, underpinned by a shortage of properties coming onto the market and increasing numbers of people looking to buy.
“In Leeds, the price of properties we sold in April was up by 1.9 per cent compared to March, with new buyer enquiries also up 24.5 per cent on the same time last year.”
Yorkshire house price rises and falls April 2017 to April 2018: Barnsley 2.6 per cent; Bradford 0.6; Calderdale 8 per cent; Hull 2.2 per cent; Craven -1.9 per cent; Doncaster -1.9 per cent; East Riding 4.1 per cent; Hamblton 3.1 per cent; Harrogate 3.5 per cent; Kirklees 1.8 per cent; Leeds 5.7 per cent; North Yorkshire 4.7 per cent; Rotherham 4.2 per cent; Ryedale 8.9 per cent; Scarborough 4.8 per cent; Selby 5.2 per cent; Sheffield 9.6 per cent; Richmondshire 20.7 per cent; Wakefield 4.3 per cent; York 1.9 per cent.
*Yorkshire house prices are just three per cent higher than their pre-recesssion high in 2007/2008, according to analysis by Kate Faulkner, MD of Property Checklists.
Using Land Registry data, she reveals that prices in the North of England have struggled to regain momentum after the financial crash of 2008 when compared to those in the Midlands and South.
The North West also showed a gain of three per cent on 2007 values but the North East is stil 11 per cent behind. In London they are 58 per cent more than their pre-recession high.