Regional Property Market Update Spring 2021: North East, Yorkshire and The Humber
Average annual price growth in the North East (8.3%) and in Yorkshire and the Humber (9.7%) is higher than the UK average. In eleven areas the annual rate of price growth currently exceeds 7.5%.
Although Rightmove report that average asking prices fell by 2.2% month on month in each region in January, properties are selling more quickly than a year ago.
Annual price growth has strengthened across the UK in recent months
Most active housing markets across the North East and Yorkshire region
Average property prices in the North East and Yorkshire and the Humber are more expensive than a year ago and activity across the market is robust. On average 3.5% of private properties are sold each year, with turnover in Selby more than 4%. Over 12,300 new homes were registered for sale during 2020, and nationally registrations have been on an upward trend since September.
First-time buyers were particularly affected by the closed housing market and the stricter mortgage lending that followed. However, buyer numbers have recovered steadily, with transactions just 2% lower year on year during the final six months of 2020 (UK Finance). The number of High Loan-to-Value (LTV) mortgage products has also increased, Moneyfacts reporting there were 169 products available at 90% LTV in January, over double the number available back in July. Lending rates remain low, the average mortgage rate the lowest in history.
Properties for sale in the North East and Yorkshire region
Barnard Castle, Durham, 3 bedrooms
This beautifully presented, stone-built family home has accommodation set over three floors, with two reception rooms, a breakfast-kitchen, three bedrooms, a bathroom and a WC. Close to the centre of a highly sought-after village, this charming home also benefits from a lawned front garden and rear courtyard.
Aberford, West Yorkshire, 5 bedrooms
Originally two cottages, this detached period stone cottage has been skilfully converted and extended to provide a spacious five-bedroom family home with an open-plan kitchen and diner and two generous reception rooms with charm and character throughout. The home further benefits from a single garage and south-facing gardens.
Seaton Ross, East Riding of Yorkshire, 4 bedrooms
This well-presented country cottage is situated in the popular village of Seaton Ross and features four double bedrooms including one with an en suite, four reception rooms and a breakfast-kitchen. The property offers a myriad of character features such as beamed ceilings, slate floors and exposed brickwork. To the front there is ample parking and access to a beautiful garden.
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