East Riding house prices increased by 2.4% in March, Land Registry figures show

House prices across the East Riding increased by 2.4% in March, new figures show.

Wednesday, 19th May 2021, 3:45 pm
The average East Riding house price in March was £204,200, Land Registry figures show. Photo: PA Images

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 13.7% annual growth.

The average East Riding house price in March was £204,200, Land Registry figures show – a 2.4% increase on February.

Over the month, the picture was less good than that across Yorkshire and The Humber, where prices increased 3.4%, but the East Riding outperformed the 1.8% 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 £25,000 – putting the area fifth among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in Ryedale, where property prices increased on average by 20.1%, to £283,000.

At the other end of the scale, properties in Craven gained 2.6% in value, giving an average price of £219,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in the East Riding in March – they increased 2.5%, to £300,500 on average.

Over the last year, prices rose by 14.5%.

Among other types of property:

Semi-detached: up 2.3% monthly; up 13.5% annually; £189,183 average, flats: up 1.7% monthly; up 9.4% annually; £105,120 average.

First steps on the property ladder

First-time buyers in the East Riding spent an average of £168,000 on their property – £20,000 more than a year ago, and £35,000 more than in March 2016.

By comparison, former owner-occupiers paid £229,000 on average in March – 36.5% more than first-time buyers.

Buyers paid 8.3% more than the average price in Yorkshire and The Humber (£189,000) in March for a property in the East Riding.

Across Yorkshire and The Humber, property prices are low compared to those across the UK, where the average cost £256,000.