House prices in Yorkshire rise by 10.5% in a year to average asking price of £242,100

The average price tag on a home across Britain rose by £2,587 to £367,760 in September, according to property website Rightmove.

For Yorkshire and the Humber, the increase represents a rise of 10.5 per cent over one year.

Rightmove said a 10 per cent deposit on a first-time buyer type home is now 57 per cent higher than a decade years ago.

Average salaries, in comparison, have increased by 32 per cent over the same time.

Price growth is being driven predominantly by the middle and high-end market sectors, it found, though the rise is in line with the average for September.

But despite a mixed picture with base rates pushing up costs for some mortgage borrowers, last week's stamp duty cuts may lead to even bigger boosts before the end of the year.

Rightmove's housing expert Tim Bannister said while demand has been softening over the past few months, Friday's announcement is likely to stimulate some more demand.

He said: "If it does lead to a big jump in prospective buyers competing for the constrained number of properties for sale then it could lead to some unseasonal price rises over the next few months.

"But because the change is permanent, and because of gathering headwinds such as rising mortgage rates, we expect to see a more gradual increase in demand compared with the surge when the temporary stamp duty holiday was announced in 2020."

According to a previous study, by Nationwide, the average house price in Yorkshire and the Humber was £205,714 in the second quarter of the year, which represented an 11.8 per cent annual increase.

On Thursday last week, the Bank of England base rate was increased from 1.75 per cent to 2.25 per cent, pushing up costs for some mortgage borrowers who are on variable rates.

Taking into account all of the recent Bank of England base rate hikes, a tracker mortgage is now about £210 per month more expensive on average than it was before the rate increases started last December, according to the UK Finance figures.

A standard variable rate (SVR) mortgage is now about £132 more expensive per month, according to UK Finance.

And in the mini-budget on Friday, the Government announced a stamp duty cut for home-movers and first-time buyers in England and Northern Ireland.

Mr Bannister said more first-time buyers who can afford it may make a jump to a bigger home as their first move. He added: "With more buyer demand we would also expect that the current trend of more properties coming to market will continue, offering more choice for buyers."

The Government has said it will set out further details to increase housing supply in the coming weeks.