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Yorkshire & the Humber leads fall in house prices

Yorkshire & the Humber has seen the lowest annual house price rise in the UK according to new data from the Land Registry House Price Index.

Yorkshire & The Humber saw the lowest annual price growth of 1.4%, coming in at an average of £119,184. The region also saw the largest monthly decrease with a fall of 2.2%.

The East Riding saw an annual price increase of 5.5%, with Hull seeing an increase of 3.6%, North Yorkshire saw a 3.6% rise, whilst York itself got a 6.2% rise, South Yorkshire increased by 1.5%, and West Yorkshire saw a 4.9% increase.

In Leeds, there was an annual 7.1% increase in house price.

House prices in England and Wales dropped 0.2% in September from a month earlier, according to the UK Land Registry, with the largest declines in the north of the country.

The September data shows an average house price in England & Wales of £177,299, compared with a peak of £181,324 in November 2007.

London experienced the highest annual increase in property value with a movement of 18.4%.

Catherine Penman, head of research at Carter Jonas said: “Prices in certain markets have surpassed their 2007 peak and have risen beyond a level at which interest could be sustained, although where properties come to the market at a fair market value, there is still appetite to purchase.

“Interested parties remain lukewarm and continue to monitor the market carefully, particularly within the prime markets of Oxford, Marlborough, Cambridge, Bath and Harrogate.

“No evidence of prices actually falling is apparent across our network of 31 residential offices throughout the UK.

“The principal concern regarding the Spring market remains the limited volume of stock and while the imminent likelihood of rising interest rate and the General Election will dampen enthusiasm and activity levels, we anticipate achieved house prices to hold firm rather than dramatically fall over the next six months.

This was posted in Bdaily's Members' News section by Clare Burnett .