Member Article

Growing Yorkshire property market still trailing other regions and national average performance

Data from Move with Us, the residential property group, has reported that the average asking prices in Great Britain have increased every month this year, mostly fuelled by rises in the South. On the whole, average asking prices have risen by around 3.55% annually and 2.19% in Q2, reaching £240,238 - the highest level in five years.

According to Move with Us the biggest indicator of the market showing significant improvement is the average number of days that it takes to sell a property. For Great Britain as a whole, it claims that sell time has fallen steadily in the first half of 2013, from 144 to 104 days - a drop of 27.7%. The average time to sell in London dipped to just 71 days in June, which is the fastest selling time for any region - and 33 days faster than the national average.

However, Yorkshire markets remain sluggish by comparison with both other regions and the average performance, according to Move with Us director, Robin King.

He said: “The second quarter of 2013 was one of the most positive in recent years. The most prosperous regions were in the South, with East Anglia, the South East, Greater London and the South West all enjoying a rapidly improving market of increased asking prices and reduced days to sell. These regions have dictated the overall pattern for the country, providing 45% of the total new listings on the market.

“While the positivity of the South seems to have had a ripple effect through the East and West Midlands, the market in Northern regions, although showing some signs of improvement, has moved at a much slower pace.”

In Yorkshire & Humber, asking prices have increased to £169,712, a 1.8% uplift since the start of 2013 and a 0.93% increase in Q2. Marketing prices in June were at the highest levels seen since October 2010, suggesting sustained confidence amongst sellers.

The average time required to achieve a sale in the region was reduced by 41 days to 127 days in Q2, marking a 24.4% decrease in the quarter. With improving selling times and price increases, the region experienced some market improvement as the summer approaches.

Robin King added: “We now wait to see whether the property market will suffer from the usual seasonal slowdown over the holiday period and this will determine whether or not this positive spell is short lived or if there will be sustained demand.”

This was posted in Bdaily's Members' News section by David Gatehouse .