House prices increased in the East Riding in September, new figures reveal.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.6% annual growth .
The average the East Riding of Yorkshire house price in September was £185,056, Land Registry figures show – a 1.4% increase on August.
Over the month, the picture was better than that across Yorkshire and The Humber, where prices decreased 0.1%. Over the last year, the average sale price of property in the East Riding rose by £6,500 – putting the area fifth among Yorkshire and The Humber’s 21 local authorities for annual growth.
Owners of flats saw the biggest improvement in property prices in the East Riding of Yorkshire in September – they increased 1.6%, to £99,931 on average.
Among other types of property:
○ Detached: up 1.4% monthly; up 3.7% annually; £270,379 average
○ Semi-detached: up 1.4% monthly; up 3.7% annually; £171,441 average
○ Terraced: up 1.5% monthly; up 3.6% annually; £138,255 average
First steps on the property ladder
First-time buyers in the East Riding of Yorkshire spent an average of £ 152,900 on their property – £5,100 more than a year ago, and £28,400 more than in September 2014.
By comparison, former owner-occupiers paid £ 207,100 on average in September – 35.5% more than first-time buyers.
Buyers paid 11.7% more than the average price in Yorkshire and The Humber (£166,000) in September 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 £234,000.