The latest Land Registry data reveals house price performance in Yorkshire’s towns and cities. Sharon Dale reports.
Analysis of the latest Land Registry data shows that Sheffield and Ryedale had the highest annual house price increases in Yorkshire.
Values in Sheffield rose by 7.4 per cent between June 2017 and June 2018, while Ryedale prices increased by 6.8 per cent. Both areas showed more than double the Yorkshire average rise, which was 3.2 per cent.
The national average annual price increase was 2.7 per cent taking the average property value to £245,076. This is the lowest England annual growth rate since July 2013 when it was 2.5 per cent.
Between May and June 2018, Yorkshire prices rose by 0.9 per cent. Elsewhere, the West Midlands experienced the greatest monthly price rise, up by 1.9 per cent; the north east saw the most significant monthly price fall, down by 1.9 per cent.
Sheffield’s performance in the Land Registry House Price Index comes as no surprise. A recent table of Yorkshire’s property hotspots showed that the steel city was booming.
Compiled for The Yorkshire Post by PropCast, the UK’s first house selling weather forecast, it analysed buyer demand and revealed that Sheffield had seven areas in the top 10 most popular places to buy. The city’s appeal is due to a combination of factors, according to estate agents. It has good transport links with the M1 on the doorstep and trains to London that take just over two hours.
Sheffield also has quick and easy access to countryside, a friendly and vibrant community, plenty of amenities, a good number of big employers and house prices that are still affordable for first-time buyers.
Ryedale property prices are on the rise, thanks in part to the popularity of Malton and the surrounding villages. The town, which has a host of amenities, is a half-hour drive from York and is surrounded by beautiful countryside. One of the biggest draws is its train station, which offers links to the commuter hotspots of York, London and Leeds.
A lack of stock in Ryedale is helping to drive up prices, according to Peter Illingworth, who runs a chain of estate agencies in the area. He says: “Demand is high but the housing stock in Ryedale remains low with very little coming on to the market. This high demand is fuelled by a growing population who need somewhere to live, and the fact that people are living longer.
“There are very few properties in our area which are suitable for older people, so they are forced to remain in their family homes and this is creating a bottleneck in the marketplace.
“Also, over the past few years, the mid-range priced houses with three bedrooms, gardens and garaging have been bought by professional landlords or buy-to-let investors, thus breaking the traditional cycle of this type of property regularly being bought and sold. This means that properties in Ryedale continue to sell well.”
The only annual price falls in the region were in Doncaster, which saw values reduce by 1.1 per cent between June 2018 and June 2018, while York property prices fell by 0.6 per cent.
The most expensive place to buy a home in Yorkshire is Harrogate, where the average dwelling now costs £284,657. The cheapest is Hull, where the average home is £113,549.
The Land Registry data also reveals that lack of stock and market activity has been an issue for estate agents and would-be buyers. The latest figures available are from April and show that the number of completed house sales in England fell by 19.3 per cent year-on-year.
Richmondshire saw England’s greatest fall with home sales down by 50.6 per cent. York, which saw a 44.4 per cent fall and Craven, which includes Skipton and parts of the Yorkshire Dales, had a 42.5 per cent drop.
Amanda May, manager of Dale Eddison in Skipton, says: “The traditional busy spell over Easter didn’t happen. We weren’t sure if it was the shocking weather or the impending football matches.
“We also have to bear in mind that the April completions are the results of sales agreed in January and February, which are quieter in terms of viewings and sales.”
She adds sales figures have since increased and continue to rise and says: “While there is some uncertainty about what the future holds for the economy, there hasn’t yet been any major effect on transactions or values.”
*Here are the Yorkshire house prices rises and falls over the year from June 2017 and June 2018: Barnsley zero per cent; Bradford 0.5 per cent; Calderdale 2.9 per cent; Hull 4.8 per cent; Craven 5.5 per cent; Doncaster -1.1 per cent; East Riding 2.3 per cent; Hambleton 2.9 per cent; Harrogate 2.9 per cent; Kirklees 2.6 per cent; Leeds 5.2 per cent; North Yorkshire 2.7 per cent; Richmondshire 0.7 per cent; Rotherham 5.3 per cent; Ryedale 6.8 per cent; Scarborough 0.5 per cent; Selby 3.9 per cent; Sheffield 7.3 per cent; Wakefield 4.8 per cent; York -0.6 per cent.