The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.6% annual growth.
The average house price across East Yorkshire in November was £209,919, Land Registry figures show – a 1.3% increase on October.
Over the past year, the average sale price of property in the East Riding rose by £18,000 – putting the area 11th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.
The best annual growth in the region was in Selby, where property prices increased on average by 15.4%, to £246,000. At the other end of the scale, properties in Hull gained just 7.3% in value, giving an average price of £127,000.
The most expensive properties in Yorkshire and the Humber were in Harrogate – £317,000 on average, and 1.5 times as much as more than in the East Riding.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in the East Riding in November – they increased 1.6%, to £314,532 on average. Over the last year, prices rose by 12%.
Among other types of property:
○ Semi-detached: up 1.3% monthly; up 9.2% annually; £194,155 average
○ Terraced: up 1.1% monthly; up 7.5% annually; £153,937 average
○ Flats: up 0.9% monthly; up 3.8% annually; £104,014 average
First steps on the property ladder
First-time buyers in the East Riding of Yorkshire spent an average of £172,000 on their property – £14,000 more than a year ago, and £35,000 more than in November 2016.
By comparison, former owner-occupiers paid £236,000 on average in November – 37.5% more than first-time buyers.