Property prices rise due to autumn bounce-back but now is still a ‘good time to buy in Yorkshire’

For Sale signs around Harrogate.
For Sale signs around Harrogate.
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The price of property coming to market has seen an autumn bounce-back, with asking prices being hiked by more than £2,200 over the last month.

The 0.7 per cent or £2,277 month-on-month increase in September took the average asking price for a home across England and Wales to £306,499, according to Rightmove.

The increase goes some way towards offsetting a £6,249 fall in the average price tag on a home seen across July and August.

Aspiring first-time buyers hoping for a post-Brexit vote bargain may see their hopes dashed by the “rising tide” of prices. The average price tag on a home with two bedrooms or fewer has jumped by 3.3 per cent or £6,240 month-on-month in September, and by 10.5 per cent or £18,450 over the past year. The typical first-time buyer home now has an asking price of £194,477.

Rightmove said the typical house seller’s asking price across homes of all sizes has increased by four per cent over the last year.

Nevertheless, with asking prices in Yorkshire reportedly edging down in September, estate agents in the area are claiming that now is a “very good time to go out there and purchase” in the White Rose.

Miles Shipside, director of Rightmove, said: “Some of those trying to get onto the property ladder may have wistfully listened to speculation of lower prices in a post-Brexit Britain.

“While the referendum result has created additional downwards price pressure in some upper segments of the market that were already slowing, those who do not own a home and arguably have the greatest housing need are now finding it harder to achieve their goal in the post-Brexit vote aftermath.”

Rightmove said the price of a first-time buyer home has already come under upwards pressure due to a stamp duty hike for buy-to-let investors on April 1, which led to investors snapping up properties ahead of the tax hike. Meanwhile buy-to-let landlords, having heavily concentrated on buying up smaller homes as a long-term investment, typically do not sell them on again often.

Mr Shipside said: “The rising tide of prices is marooning more and more first-time buyers.”

In further glimpses of an autumn pick-up in activity, Rightmove said it saw an eight per cent increase in website visits in the first full week of September, after the end of the holiday season, compared to the same period in 2015.

London saw the strongest monthly increase in asking prices in September, with a 1.9 per cent upswing taking the average price tag on a home there to £630,974.

The East Midlands saw the next biggest monthly uplift, with a 1.3 per cent rise pushing prices to £197,502 on average.

Wales saw the biggest monthly decrease in asking prices in September, with a 1.9 per cent fall taking the average asking price to £177,077, while asking prices edged down in Yorkshire and the North West.

Mark Manning, sales director at the Leeds-based Manning Stainton estate agents, said despite “uncertainty” thrown up by the referendum, summer has been “pretty typical” in being slightly subdued.

But the firm has already seen a “big increase in buyer activity” this month and more new viewings, while it also has 10 per cent more properties available than it did at the end of July.

He added: “I think we will see more of the same from the market – lots of buyers out there and lots of great deals out there on the mortgage market and I think it still looks like a very, very good time to go out there and purchase.”

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