‘Realistic pricing is key’: Yorkshire’s property market warms up for autumn surge
Yorkshire’s autumn property market is gaining momentum, supported by increased housing supply, stabilising affordability, and a renewed sense of confidence among buyers.
Across the region, estate agents are reporting improved choice for buyers, cautious optimism among sellers, and growing resilience despite ongoing economic pressures.
Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 18 offices across Yorkshire, says: “In part the market has been running through a period of normalisation, with stock levels having slowly increased over the past three years to finally reach the ‘normal’ levels which were typical pre-Covid. This gives an excellent choice to buyers across the whole price spectrum.
“Tax changes cannot be far from buyers’ minds and the risk that the Chancellor will do something radical in the budget is weighing on the mind of the upper sector, although August’s interest rate cut has brought some renewed activity to that part of the market.
"Meanwhile, the mid-range market, where homes typically cost £400,000 to £800,000, remains relatively robust. But, as ever, it’s all about sensible pricing and realistic expectations.”
Edward Hartshorne, managing director at Blenkin & Co in York, also sees autumn as a critical moment. “With buyers returning from summer breaks, focused on their family's needs, schools, and careers, there's a unique momentum to the season,” he says.
He adds: “Right now, we’re seeing some of the best houses to come to market in many years, and despite a dip in viewings, sales are strong. Cash-rich buyers are acting decisively when they find the a true gem of a property that meets their needs.
"However, the autumn market is by its nature a short season, framed by the back-to-school rush and the approach of Christmas. Prices are sensitive, and agents need to adapt, cutting their cloth accordingly to meet the needs of both sellers and buyers in this crucial window.”
In the city centre market, Jonathan Morgan, of Zenko City Living in Leeds, says the outlook is more stable compared to suburban areas: “Whilst the traditional suburban residential market usually sees a summer lull, which is partly what will be driving a recent slowdown in price growth, the city centre market tends to be largely insulated against this wider trend.
"The level of sales activity has held up over summer and we are looking forward to the autumn months.
“Having been stifled by building safety issues for a number of years, as well as challenges around leases, ground rents and service charge levels; the city centre market is now freeing up, building by building, meaning that there will be a wider spread of options for new buyers over the coming months and years.
“In any other scenario, the autumn Budget would not have concerned us massively, but the present Government does seem intent on continuing its assault on private landlords, a grave mistake in our view in the context of the likely future demand for rentals.”
There still remains a very clear north/south divide across England, according to the Halifax House Price Index. The North East, North West, and Yorkshire & the Humber all recorded annual growth above four per cent, making them the fastest-rising regions.
By contrast, the South West saw prices fall by 0.8 per ent over the past year.
The average house price in Yorkshire and the Humber is now £217,674 which is a 4.1 per cent annual increase.
Nationally, prices increased by 0.3 per cent in August to £299,331 – a new record high – although annual growth eased slightly to 2.2 per cent.
Meanwhile, Nationwide reported a 0.1 per cent fall in UK house prices in August, following a 0.5 per cent rise in July. Annual house price growth weakened slightly to 2.1 per cent.
Mortgage approvals climbed to 65,352 in July – the highest since January – indicating an increase in market activity, even as prices remain sensitive.
Sellers, however, are adjusting to the new landscape, a shift that is visible in Zoopla’s latest figures, which show that annual house price growth now stands at 1.3 per cent, and homes that require price reductions take 2.4 times longer to sell than those priced correctly from the outset.
Nick Talbot, of rural agency Lister Haigh, says: “Sellers with realistic expectations can definitely secure a sale in the current market, which has been boosted by the latest cut to interest rates, which is helping to create stable mortgage rates. In addition, the fact that wage inflation is outperforming house price growth is helping affordability.”