East Riding house prices increased by 1.3% in April, new Land Registry figures show

House prices increased by 1.3% in East Yorkshire during April, new figures show.

By Katie Williams (Data Reporter)
Wednesday, 22nd June 2022, 3:25 pm
Updated Wednesday, 22nd June 2022, 3:25 pm
The average house price in East Yorkshire during April was £218,311, Land Registry figures show. Photo: PA Images
The average house price in East Yorkshire during April was £218,311, Land Registry figures show. Photo: PA Images

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10.1% over the last year.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

The need for larger deposits and constraints on accessing mortgages have pushed homeownership further out of reach for many first-time buyers – despite Government figures showing 50% of renters would be able to afford the monthly payments.

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The average East Riding house price in April was £218,311, Land Registry figures show – a 1.3% increase on March. Over the month, the picture was similar to that across Yorkshire and the Humber, where prices increased 1.6%, but the East Riding was above the 1.1% rise for the UK as a whole.

Over the last year, the average sale price of property in the East Riding of Yorkshire rose by £20,000 – putting the area 13th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Scarborough, where property prices increased on average by 17%, to £212,000. At the other end of the scale, properties in Hambleton gained just 4.4% in value, giving an average price of £270,000.

First-time buyers in the East Riding spent an average of £179,000 on their property – £16,000 more than a year ago, and £39,000 more than in April 2017.

By comparison, former owner-occupiers paid £246,000 on average in April.

Owners of detached houses saw the biggest rise in property prices in the East Riding in April – they increased 1.4%, to £327,444 on average. Over the last year, prices rose by 12.1%.

Among other types of property: Semi-detached: up 1.3% monthly; up 10.1% annually; £201,807 averageTerraced: up 1.3% monthly; up 8.1% annually; £160,475 average, Flats: up 0.7% monthly; up 3.7% annually; £106,370 average.