East Riding house prices increased more than average in November – up by 4%
House prices increased by 4% – more than the average for Yorkshire and The Humber – in the East Riding in November, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.9% annual growth – the highest in Yorkshire and The Humber.
The average East Riding house price in November was £197,995, Land Registry figures show – a 4% increase on October.
Over the month, the picture was better than that across Yorkshire and The Humber, where prices increased 1.9%, and the East Riding outperformed the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in the East Riding rose by £18,000.
Owners of detached houses saw the biggest improvement in property prices in the East Riding of Yorkshire in November – they increased 4%, to £291,681 on average. Over the last year, prices rose by 11.1%.
Among other types of property: Semi-detached: up 3.9% monthly; up 9.8% annually; £183,663 average
Flats: up 3.7% monthly; up 4.5% annually; £102,032 average
First-time buyers in the East Riding spent an average of £163,000 on their property – £14,000 more than a year ago, and £31,000 more than in October 2015.
By comparison, former owner-occupiers paid £222,000 on average in November – 36.5% more than first-time buyers.
Buyers paid 9.5% more than the average price in Yorkshire and The Humber (£181,000) in November for a property in the East Riding.
Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £250,000.