Property news: Yorkshire’s prices drop

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The June data from the Land Registry’s House Price Index shows an annual price increase of 6.4 per cent, which takes the average property value in England and Wales to £172,011.

London outperformed the rest of the country, with an increase of 16.4 per cent.

The North East saw the lowest annual price growth of 0.8 per cent. Although Yorkshire suffered a 1.3 per cent fall in prices in June, it showed a 3.4 per cent rise over the past year.

During April the number of completed house sales in England and Wales increased by 31 per cent to 66,659 compared with 51,022 in April 2013.

However, according to the latest Halifax Housing Market Confidence Tracker, some homeowners are considering selling their properties, fearful of a fall in market prices.

According to the poll, 60 per cent of those asked said they thought now was a good time to sell.

House prices have continued to rise and are now above pre-recession levels. Figures for June showed they were 11 per cent up year on year. In commercial news, surveyors have reported a rise in the number of commercial buildings being sold with permitted development rights for conversion into residential properties.

The Royal Institution of Chartered Surveyors’ (RICS) quarterly survey revealed a shortage of commercial property.

RICS chief economist Simon Rubinsohn said: “The pressure in the sector is being exacerbated, particularly in popular locations, by the gradual conversion of some secondary space into residential.

“There are concerns that this could be creating a problem for businesses looking to expand.”

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