Buyers are forking out tens of thousands more on homes in the East Riding – find out the most expensive and the cheapest areas here
The impact of the coronavirus pandemic, which prevented house sales during the first lockdown, coupled with stamp duty holidays, has boosted the housing market across the UK since the world opened back up in 2020.
House prices were also above pre-pandemic levels, with the average standing at £180,000 in the year to June 2019. The median – the middle number in a series – is used to ensure the figures are not skewed by extreme highs or lows.
The areas with the highest median house prices were:
North Ferriby and Swanland: £334,000 – up from £265,000 in 2019-20; Kirk Ella: £320,000 – up from £302,000; Holme, Melbourne and Bubwith: £320,000 – an increase from £281,000; Walkington, Bishop Burton and Woodmansey: £282,000 – rising from £250,000; and South Cave, Newbald and Little Weighton: £281,000 – up from £270,000
By contrast, the area recording the lowest average house price was Bridlington West, where homes sold for around £118,000 in 2020-21.
The figures also show the number of homes sold in the East Riding of Yorkshire rose year-on-year, from 5,577 to 5,966.
The largest proportion were in Pocklington, where 280 homes changed hands in the period.
Martin Beck, chief economic adviser of economic forecasting group EY Item Club, said while Government measures such as the stamp duty holiday brought forward house purchases last year, the market could be set to change.
He said: “The prospect of a series of interest rate rises by the Bank of England in 2022 will translate into higher mortgage rates.”
However, Knight Frank said high levels of requests from homeowners for a valuation of their property indicated more may be choosing to sell this year.