Published 10th Sep 2022, 01:00 BST

“There is now a natural increase in inflation, though interest rates are still historically low and borrowing is still cheap, especially compared to the 18 per cent interest rates we saw in the early 1980s.”

He adds: “There is an energy crisis and a commodity crisis but politicians are aware of them and they are looking to tackle them so I don’t see a major downturn.

“The housing market will calm down and I can’t see any major problems. There may be a dip in the road but it won’t be a big dip and we can see the flat on the other side.”

Experts don't believe house prices will fall but they look set to stabilise

Mark Manning, MD of Manning Stainton estate agents, says that changes have already begun and adds: “As we enter what is often considered the second busy period of the year for the property market, there is undoubtedly a change in the mood amongst buyers, sellers, landlords and tenants.

“Throughout 2021 and the start of 2022 we experienced a sellers and landlords market which was marked by constrained supply and a huge weight of demand that has fuelled astonishing growth in prices.

“However, news of interest rate rises, political unrest and the cost of living crisis have cooled that overheated market and, whilst we remain vigilant of what’s ahead, it remains our view that talk of prices crashing are premature.

“In fact, what we see presently in the numbers of buyers and tenants starting their search is a market that has returned to more normalised levels of interest.

Whitby looks set to benefit from a slow down in market activity

“Gone,albeit not all together, are the ferocious bidding wars and huge waiting lists to view property and back instead are buyers taking a more discerning approach to the market.

“Back also are the sellers looking for that next step up the ladder, hampered in the market in recent times by not being ready to go and now having that little extra time to sell.

“The panic is over and with that we expect the rapid growth in prices to slow with little more growth anticipated for this year and certainly no more than five per cent for 2023.”

Edward Hartshorne, MD of Blenkin and Co., estate agents, specialises in period houses in prime Yorkshire areas, and says: “In the areas I cover I can’t see there being any major problem with the market, not least because they don’t make period homes anymore and the market for properties over £500,000 is strong with buyers from Yorkshire, London and abroad

Frenetic buying activity in the Dales may calm down over the next year, which will help locals

“Prices are levelling out everywhere but I don’t think they will slip. The message to sellers is to be realistic with asking prices and don’t be tempted by agents who overvalue or you will come unstuck.”

Patrick McCutcheon, a director of Dacre, Son and Hartley estate agents, says: “Frustrations caused by the pace of the market will go and the log jams will ease, as will price growth.

“We should end up with a fairly balanced, less frenetic market place with increasing supply and fears of over paying and bidding wars gone.”

Tony Wright of Carter Jonas, Harrogate, says: “The market will cool in the next six months as people tighten their belts and the frenzy of the last two years will die away and that’s not a bad thing.

“Selling your home has been easy but buying another has been difficult.

“I think prices will remain static but the gains of the last two years have been high so homeowners should not worry about their investment.

“If you are selling then you will need to be sensible and go for a realistic asking price. If it is too high then your property will languish on the market.”

Max LeLew of Hunters Crookes branch in Sheffield, believes that house prices will stagnate and adds: “What we are seeing is more landlords selling up because of increased legislation in that sector.”

Over in Whitby Nick Henderson of Hendersons estate agency is seeing the market becoming calmer.

“I think the market will plateau. Prices are stabilising and the number of people looking for holiday lets has slowed.

“If vendors are greedy with price they are not getting the interest levels they would’ve had previously.

“We are also seeing holiday let owners switching to traditional shorthold tenancies as holiday lets are more expensive to run because of energy bills.

“I believe there will be more homes for sale here over the next year so there will be more options for buyers and we won’t see ten people going after the same property unless it is very special.”

Yorkshire property market forecast from those who know best