Leeds house prices: Property prices increased more in Leeds than the Yorkshire and Humber average in October

The rise contributes to a longer term trend which has seen property prices in the area grow by 14.6% over the last year. The average Leeds house price in October was £245,208, Land Registry figures show – a 1.4% increase on September.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased by just 0.2%, and Leeds was above the 0.3% rise for the UK as a whole. Over the last year, the average sale price of property in Leeds rose by £31,000 – putting the area third among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in the North Yorkshire district of Craven, where property prices increased on average by 18.2%, to £291,000. At the other end of the scale, properties in Calderdale gained 7.3% in value, giving an average price of £189,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September. The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty. The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past. Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First-time buyers in Leeds spent an average of £209,000 on their property – £26,000 more than a year ago, and £58,000 more than in October 2017. By comparison, former owner-occupiers paid £292,000 on average in October – 39.9% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Leeds in October – they increased 1.7%, to £457,653 on average. Over the last year, prices rose by 14.9%. Semi-detached houses went up 1.3% monthly and 15.2% annually, whereas terraced properties went up 1.3% monthly and up 15% annually. Flats saw an increase of 1.3% monthly and 11.3% annually, averaging at £157,365.

Buyers paid 14.6% more than the average price in Yorkshire and the Humber – which is £214,000 – in October for a property in Leeds. Across Yorkshire and the Humber, property prices are higher than those across the UK, where the average cost of a home is £296,000.

The most expensive properties in Yorkshire and the Humber were in the North Yorkshire town of Harrogate – costing £346,000 on average, and 1.4 times more than in Leeds. Harrogate properties cost 2.5 times as much as homes in Hull (£139,000 average), at the other end of the scale. The highest property prices across the whole of the UK were in Kensington and Chelsea.