Yorkshire house price increases beat national average as North-South divide revealed
Property values in Yorkshire and Humber have risen by more than the national average in the past year as a North-South divide emerged, new figures have revealed.
Valuations in the region were up 0.8 per cent to an average property price of £217,544, according to an index from Lloyds.
This was slightly above the national growth of 0.6 per cent, which took average property values across the country to £299,330.
Meanwhile, the average UK house price increased on a month-on-month basis for the first time in four months in June, according to an index.
Property values rose by 0.2 per cent month on month typically in June, marking the first monthly increase since February.
However, there was a sharp regional divide in performance with increases in the North and drops in the South.
House prices in London fell by 1.1 per cent over the last year, with the South East, South West and Eastern England also recording drops. The North East and North West sawe rises of 2.8 per cent and 2.4 per cent respectively, while prices in Northern Ireland were up 7.4 per cent and 3.9 per cent higher in Scotland.
The West Midlands was in line with Yorkshire’s 0.8 per cent increase, with the East Midland 1.1 per cent up.
Amanda Bryden, head of mortgages at Lloyds, said: “House prices rose for the first time in four months during June, increasing by 0.2 per cent, compared to May.
“The typical property now costs £299,330 while the annual rate of growth also edged higher to 0.6 per cent.
“Recent price trends continue to reflect wider economic uncertainty, including the impact of global events on inflation and interest rate expectations.
“While affordability remains stretched for many buyers, mortgage rates have eased from their recent highs, offering some encouragement to those considering a move.”
She added: “Looking ahead, we expect the housing market to continue moving at a measured pace. Lower borrowing costs should provide some support for demand, though affordability constraints remain an important factor.
“The outlook for house prices will depend largely on inflation continuing to ease and household confidence gradually improving.”
Tom Bill, head of UK residential research at Knight Frank, said: “House prices are going sideways and transactions are falling as the result of higher mortgage rates since the start of the Middle East conflict.”
The long-running house price index has previously been released under the Halifax brand.
Halifax owner Lloyds Banking Group recently announced the Halifax brand is being scrapped after 173 years on British high streets and customer accounts will be rebranded to Lloyds over time.
Sarah Coles, head of personal finance at AJ Bell and a Yorkshire Post columnist, said: “The newly rebranded house price index started with whimper, not a bang.
“On the plus side, house prices rose for the first time in four months, on the downside they were only up a whisker, and the signs for the rest of the summer don’t look particularly hot either.”
Nicky Stevenson, managing director at Fine & Country, said: “A monthly increase of 0.2 per cent is modest, but that is no bad thing in the current climate. Buyers are still navigating affordability pressures and a shifting mortgage market, so steady movement is healthier than sharp jumps that risk pricing more people out.”