Property prices in East Riding climb by 1.4%
House prices in the East Riding of Yorkshire increased by 1.4% in April, contributing to a 3.4% rise over the past 12 months.
The latest data from the Office of National Statistics shows that the average property in the area sold for £179,194 – significantly lower than the UK average of £228,903.
Across Yorkshire and The Humber, property prices have risen by 2.5% in the last year, to £161,443. The region outperformed the UK as a whole, which saw the average property value increase by 1.4%.
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 the East Riding of Yorkshire will have seen their property jump in value by around £31,000 in the last five years.
The figures also showed that buyers who made their first step onto the property ladder in the East Riding of Yorkshire in April spent an average of £147,944 – around £25,000 more than it would have cost them five years ago.
Residential research analyst at estate agent Savills, Lawrence Bowles, said: “UK house prices grew 1.4% in the 12 months to April – less than half the rate of price growth this time last year.
“The regional split in house price growth has become even more pronounced in the last few months, with the London market and associated commuter locations most impacted by political and economic uncertainty.”