House prices in the East Riding increased by 1.5% during May, new figures show
House prices increased by 1.5% – more than the average for Yorkshire and The Humber – in the East Riding in May, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.5% annual growth.
The average house price in May in East Yorkshire was £204,971, Land Registry figures show – a 1.5% increase on April.
Over the month, the picture was better than that across Yorkshire, where prices increased 0.8%, and the East Riding outperformed the 0.9% rise for the UK.
Over the last year, the average sale price of property in East Yorkshire rose by £23,000 – putting the area ninth among Yorkshire and The Humber’s 24 local authorities for annual growth.
The best annual growth in the region was in Richmondshire, where property prices increased on average by 21.8%, to £255,000. At the other end of the scale, properties in Ryedale lost 4.8% of their value, giving an average price of £236,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in the East Riding in May – they increased 1.6%, to £302,514 on average. Over the last year, prices rose by 13.5%.
Other types of property:
Semi-detached: up 1.4% monthly; up 12.1% annually; £189,502 average
Flats: up 1.2% monthly; up 8% annually; £104,740 average
First steps on the ladder
First-time buyers in the East Riding spent an average of £169,000 on their property – £18,000 more than a year ago, and £36,000 more than in May 2016.
How do property prices in the East Riding compare?
Buyers paid 12.7% more than the average price in Yorkshire and The Humber (£182,000) in May for a property in the East Riding.
Across Yorkshire and The Humber, property prices are lower than those across the UK, where the average cost £255,000.
The most expensive properties in Yorkshire and The Humber were in Harrogate – £309,000 on average, and 1.5 times as much as in the East Riding.