East Riding house prices dropped in April, Land Registry figures show
House prices dropped by 2.1% in the East Riding during April, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 10.5% annual growth.
The average the East Riding house price in April was £197,411, Land Registry figures show – a 2.1% decrease on March.
Over the month, the picture was better than that across Yorkshire and The Humber, where prices decreased 3.7%, but the East Riding underperformed compared to the 1.9% drop for the UK as a whole.
Over the last year, the average sale price of property in the East Riding rose by £19,000 – putting the area 15th among Yorkshire and The Humber’s 24 local authorities for annual growth.
The best annual growth in the region was in Sheffield, where property prices increased on average by 15.6%, to £192,000. At the other end of the scale, properties in Hull gained 2.1% in value, giving an average price of £117,000.
Winners and Losers
Owners of flats fared worst in the East Riding in April – they dropped 2.4% in price, to £101,600 on average. But over the last year, prices rose by 6.9%.
Among other types of property
Detached: down 2% monthly; up 11.1% annually; £290,570 average
Semi-detached: down 2.1% monthly; up 10.4% annually; £182,959 average
Terraced: down 2.1% monthly; up 10.4% annually; £147,509 average
First-time buyers in the East Riding spent an average of £163,000 on their property – £15,000 more than a year ago, and £29,000 more than in April 2016.
By comparison, former owner-occupiers paid £221,000 on average in April – 35.9% more than first-time buyers.
Buyers paid 10% more than the average price in Yorkshire and The Humber (£179,000) in April for a property in the East Riding.
The most expensive properties in Yorkshire and The Humber were in Harrogate – £298,000 on average, and 1.5 times as much as in the East Riding.