Yorkshire sees surge in property activity as UK house prices hit new record
House hunters across Yorkshire are returning to the market in growing numbers this spring, as the average UK asking price for a home hits a new all-time high for the second consecutive month.
Property website Rightmove has revealed that the average price tag on a newly listed home in the UK reached £379,517 in May, up £2,335, or 0.6 per cent, month-on-month. This follows a previous record set in April and marks the fifth May in a row where average asking prices have risen.
While the headline figures point to nationwide trends, the picture in Yorkshire is one of rising confidence and renewed activity, especially in the lower and middle price brackets. Local estate agents report a sharp increase in viewings, stronger offers, and a cautious but definite shift in buyer sentiment.
Laura Walker, sales director at Butler Ridge estate agents in Wetherby, says the pace of the market has noticeably picked up this month. "We have noticed a real increase in viewing levels in May across Yorkshire which has led to more offers being made,” she says.
"We have seen an increase in asking price offers and have had a property achieve over the asking price last week. The fall in interest rates seems to have given buyers a boost in confidence.”
Her observations are echoed elsewhere. Simon Blyth, of the Simon Blyth group of estate agencies, which covers West and South Yorkshire, says activity has increased over the past month. “There’s been a good degree of interest in the market in the last four or five weeks,” he says. “I think the weather’s had a lot to do with it, and generally speaking, it’s busy. The lower-to-medium value homes are doing really well at the moment.”
However, he adds that the higher end of the market is proving slower to move. “The top end is stalling a little bit – those buyers often employ others and are more tuned into broader economic concerns. That said, now’s the time to sell if you’re thinking about it. I don’t think prices are going to shift much in the immediate term.”
Nationally, the property market was slightly more subdued in April, after a surge in March due to changes in stamp duty relief, which became less generous for some buyers from April onwards. Rightmove said new buyer demand was four per cent lower in April than the same month in 2024, reflecting a brief cooling-off period.
But early signs in May suggest momentum is returning, especially with buyers possibly waiting for clarity around the Bank of England’s base rate decision. That decision came earlier this month, with a cut that has offered hope of more competitive mortgage rates ahead.
Colleen Babcock, property expert at Rightmove, says: “Despite April's dip in new buyer demand, there are early signs of a bounceback in May.
"Mortgage interest rates are lower than they were at this time last year, and the recent ( Bank of England base rate) cut also gives us some optimism for further mortgage rate drops that will enable more to buy.
"While we're not expecting drastic reductions, any lowering of rates will be a boost to buyer sentiment and affordability. With a high number of sellers and a small dip in buyer demand, it's worth reminding people out there thinking of coming to market that they need to work hard to attract buyer attention.”
The volume of sales being agreed in May is already five per cent higher than at the same point last year, Rightmove says, driven by a larger pool of homes for sale and increasingly motivated buyers.
While Yorkshire's lower and mid-priced homes are selling well, the prime property market remains more complex, according to Toby Milbank, director at The Property Partnership Group, which works with buyers across the county.
“The lower and middle market in the county is showing early signs of recovery,” Toby says. “But this has not yet filtered up to the higher end of the market where stock levels are higher than normal, allowing buyers to have plenty of choice.
“With a range of options available, our clients are looking at a range of houses before choosing one to buy. This choice means that any houses with clear issues or downsides are having trouble finding buyers, unless they are priced very keenly.”
He adds: "At the top end of the market, the houses without any obvious issues sell well but again, only when the owners or their agents set a realistic price from the outset."
Rightmove is predicting that asking prices will rise four per cent in 2025.
When it comes to sold prices, Zoopla has predicted 2.5 per cent growth by the end of the year, while Knight Frank recently revised up its growth forecast to 3.5 per cent, up from 2.5 per cent, after the Bank of England cut interest rates from 4.5 per cent to 4.25 per cent earlier this month.