House prices drop by 2% in February
House prices in East Riding of Yorkshire decreased by 2.0% in February, despite witnessing a 1.2% rise over the last 12 months.
It comes as annual price growth across the UK fell to its lowest level in six years.
The latest data from the Office of National Statistics shows that the average property in the area sold for £174,934 – significantly lower than the UK average of £226,234.
Across Yorkshire and The Humber, property prices have remained the same over the last year, at £155,685.
The region underperformed compared to the UK as a whole, which saw the average property value increase by 0.6%.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
The average homeowner in East Riding of Yorkshire will have seen their property jump in value by around £29,000 in the last five years.
The figures also showed that buyers who made their first step onto the property ladder in East Riding of Yorkshire in February spent an average of £144,556 – around £24,000 more than it would have cost them five years ago.
Residential research analyst at estate agent Savills, Lawrence Bowles, said: “UK house price growth took a further hit last month, with just 0.6% growth in the year to February 2019. That’s down from annual growth of 1.7% last month and 4.4% growth this time last year.
“However, average house prices are still 46% higher than they were 10 years ago.
“This marks the second month of house prices falling in inflation-adjusted terms. CPI was 1.9% in the year to February 2019, which means that house prices are 1.3% lower than last year in real terms.”
Between January and December last year, the most recent 12 months for which sales volume data is available, 6,656 homes were sold in East Riding of Yorkshire, 3% fewer than in the previous year.
The highest house prices in the country were found in London’s Kensington and Chelsea.