The UK housing market has been in a state of flux over the past year, with prices fluctuating significantly in some regions. In particular, the Yorkshire and The Humber region has seen a noticeable change in the average price of residential homes, according to recent data released by the Land Register and analyzed by Pinerock Finance.
In January, the average price of a residential home in the Yorkshire and The Humber region was £180,000, a significant decrease from December's average of £195,000. This represents a change of -7.69% and a -8.3% drop from the recent high of £195,000 in December. However, compared to the average price of £175,000 12 months ago, there has been a slight increase of 2.8%.
Breaking down the changes in average values for different property types between December and January reveals some interesting trends. While detached homes remained stable at £350,000, semi-detached homes rose from £197,375 to £210,000. Terraced homes, on the other hand, saw a decrease from £154,000 to £137,500, and flats also experienced a decline from £125,000 to £124,000.
Zooming out to national figures, the average residential home in England and Wales in January was £275,275, which is down -1.69% from December's average of £280,000. Compared to the recent high of £290,000 in September, this represents a -5.3% decrease.
Looking at towns and cities within the Yorkshire and The Humber region, York saw a significant decrease in the average price of residential homes in January, with the price falling to £287,500 from December's average of £326,500, a change of -11.94%. Compared to the recent high of £326,500 in December, the price today represents a change of -13.6%. However, the average price 12 months ago was £275,000, which represents an increase of 4.3%.
In contrast, Bradford's average residential home price in January was £125,500, a slight decrease from December's average of £130,000 (-3.46%). However, compared to the recent high of £142,000 in November, the price represents a change of -13.1%. The average price 12 months ago was £126,000, representing a difference of -0.4%.
Leeds saw a similar trend, with the average residential home price in January falling to £210,000 from December's average of £225,000, a change of -6.67%. Compared to the recent high of £225,500 in October, this represents a -7.4% decrease. However, the average price 12 months ago was £200,000, representing an increase of 4.8%.
Doncaster experienced a significant drop in the average price of residential homes in January, with the price falling to £145,000 from December's average of £160,750 (-9.80%). Compared to the recent high of £160,750 in December, the price represents a change of -10.9%. However, the average price 12 months ago was £146,375, representing a difference of -0.9%.
Hull saw a small increase in the average price of residential homes in January, rising to £137,000 from December's average of £135,000 (1.48%). Compared to the recent high of £142,000 in June, this represents a -3.6% decrease. However, the average price 12 months ago was £132,000, representing an increase of 3.6%.
In the month of January, the average cost of a residential property in Sheffield stood at £198,000, which indicates a decline of -8.33% from the previous month's average price of £216,000. Compared to the recent high of £216,000 recorded in December, the current price reflects a decrease of -9.1%. Looking back 12 months, the average price was £180,000, marking a difference of 9.1%.
The real estate market in the UK is currently experiencing an overall reduction in property prices. The hike in interest rates and the escalating cost of living have left a dent in the pockets of consumers, resulting in the expectation of further price declines and making buyers apprehensive about investing in property. However, there is optimism that the situation may soon improve as experts predict that the interest rates have peaked and the outlook for the next few months seems to be slightly more optimistic.