Manning Stainton index: Yorkshire housing market begins to slow down after year of property boom
The housing market in Yorkshire are beginning to slow down to more sustainable levels, according to a Leeds estate agent.
Manning Stainton' s house price index (HPI) showed that in Q3 of 2021 (July-Sept), house prices increased by one per cent compared to the previous quarter.
This indicates a gentle slowdown in growth following a period of significant increases in both activity levels and prices.
Demand is still outstripping supply, and the number of properties listed with the estate agent over Q3 decreased by seven per cent compared to Q2.
However, there is usually a decrease in sales over the summer months, so this dip reflects usual seasonal activity levels.
One property type that surged in popularity over the quarter was apartments – with sales up 19 per cent on the previous period – indicating that as restrictions have eased, apartment living is increasing in popularity once more.
Speaking about the data, Mark Manning, managing director of Manning Stainton, said: “The region’s housing market is continuing to perform strongly, but what we are now seeing is a
return to more sustainable growth levels.
“After a record year, where price growth hit double figures, it’s a positive sign that the market is returning to normal.
"Exponential price growth can’t be sustained long-term, as it prices out first-time-buyers, who are essential to a healthy market, so the slowdown in growth will help to ensure they can continue to enter the market and keep it buoyant.
“I expect over the coming months, we’ll continue to see small levels of house price growth as the market fully readjusts following the end of the stamp duty holiday.”