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Yorkshire property market remains bubble free

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A report from property analyst Hometrack has revealed that house prices in the Yorkshire region have risen by 0.2 per cent month-on-month in November compared to 0.5 per cent nationally.

The rises have been attributed to rising demand and contracting supply and leading estate agent Dacre Son & Hartley is arguing that the figures prove fears of a bubble are unfounded.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, said:

“The Hometrack statistics show that house price growth outside of London remains more muted which is good news for the Yorkshire market.

“We want a steady and sustainable market recovery and all the signs are pointing in the right direction. An increase in mortgage availability has no doubt helped fuel demand and we have experienced a marked increase in buyers registering with us across all 20 of our offices over the last six months.” 

The Hometrack report also reveals that the typical percentage of the asking price achieved in the region in November was 95 per cent compared to the six-year high of 95.3 per cent in October.

Patrick added:

“Our sales figures for November reflect a similar pattern with the majority of sales achieving over 95 per cent of their asking price and several properties in very popular areas such as Harrogate and Ilkley achieved 100 per cent of their asking price with multiple offers.”

Hometrack said that while the number of new buyers registering with estate agents was up 10.2 per cent over the last six months, the supply of homes for sale has dropped 0.6 per cent over the same period.

Patrick said:

“The pace of our sales has definitely picked up during October and November with faster sales rates meaning a smaller supply and choice of stock.

“We would therefore encourage anyone that is thinking of selling their home in 2014 to get in touch now as there are plenty of active buyers registered and looking to buy.” 

Patrick McCutcheon 2013b
Patrick McCutcheon

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