While house prices across the UK have dipped, Yorkshire and the Humber are seeing a different story with asking prices actually going UP!

Rightmove’s latest data shows that the recent Bank of England interest rate cut has given the housing market a much-needed summer boost. Across the UK, buyer demand has surged by 19% since the announcement on August 1st.

Nationally, average asking prices for new sellers have seen a typical seasonal dip of 1.5% this August, or around £5,708. This brings the average asking price down to £367,785.

But here’s where Yorkshire stands out:

• Yorkshire and the Humber is the ONLY region in the UK where asking prices increased in August, rising by 0.3%.
• The average asking price in Yorkshire is now a healthy £252,835.
• This is a solid 3.5% higher than this time last year.

What’s driving this Yorkshire surge?

Experts point to a combination of factors:

• Increased Buyer Interest: The number of potential buyers contacting estate agents about homes in Yorkshire jumped by 11% in July compared to last year. This interest has skyrocketed by 19% since the start of August.
• More Sales Agreed: The number of sales being agreed in Yorkshire is now 16% higher than during the same period last year when mortgage rates were near their peak.
• More Homes Available: Unlike other areas, Yorkshire is seeing an increase in the number of homes for sale, giving buyers more choice and driving competition.

Mortgage rates are also playing a part:

• The average five-year fixed mortgage rate has dropped to 4.80%, down from 5.82% a year ago.
• The best five-year fixed rate available is now a tempting 3.83% for those with a 40% deposit.

What do the experts say?

Tim Bannister, Rightmove’s director of property science, believes the rate cut has boosted home-mover sentiment, making both buyers and sellers more optimistic. However, he cautions that while mortgage rates are moving in the right direction, they are still high compared to previous years.

What does this mean for you?

• For sellers: It’s a good time to consider putting your Yorkshire property on the market. Buyer demand is up, and the increase in available homes means more competition for your property.
• For buyers: While prices are rising, the rate cut and increased housing stock mean there are still good deals to be found.

Keep an eye on the market, do your research, and get ready for an exciting autumn in Yorkshire’s housing market!