It has been an eventful 12 months of that there is no doubt. I suspect it will be a long time before we see such dramatic market conditions again, if ever. The upwards only trend that many Yorkshire estate agents experienced in the first half of 2022 has now changed but that does not mean the market has been fundamentally undermined as a result.

Buyers are now being more considered, but there is the no evidence to suggest there has been a mass exodus of potential homeowners saying they have abandoned the whole idea.

The caution being shown by some is by financial necessity but many still want to buy, even though their budgets might have been reduced. For some it’s simply by choice, following the wait and see maxim.

Yet for others, they remain keen to buy and they have the wherewithal to do so. However, they cannot find what they want, they remain willing and able to bid strongly for the right property, and still find themselves in a competitive situation with like-minded individuals.

What the last few months has seen is the re-immergence of the multi-generational buyer where a family pool their resources, often to purchase a bigger home. Ideally such a property will offer a flexible layout, allowing the whole family to live on the same campus, but giving independence where it’s wanted. One client recently suggested it was a logical variant of the bank of mum and dad concept, although I’m not sure the offspring had quite the same enthusiasm having found the ideal starter home a few miles down the road.

As for sellers, the coalface reality is equally mixed. Those who have optimistic aspirations on price might be finding the slower, arguably more normal, marketplace, difficult to accept when faced with the prospect of a price reduction, followed by offers at an even lower level.

It’s apparent some owners then feel they are losing money compared to what they might secured in the Spring. Whilst those who have bought in recent months and are re-selling for whatever reason, might fall into this bracket, the majority of sellers are not losing out financially. They are simply not seeing the same level of growth.

It might seem obvious but it can be a difficult pill to persuade a seller to swallow, as they think of what might have been. Whilst hindsight is a wonderful attribute, realism is the watchword going forward.

As for the future, who knows what it w ill hold for the residential property market in Yorkshire? Looking back at what I have said in this column over the last few years, the only thing that has proven to be consistently true is what Mr Franklin said in the late 1700’s

Tim Waring looks at the future of the Yorkshire housing market