Yorkshire and the Humber is outperforming national housing market

Despite this, prices remain 1.2% higher than this time last year, with the average home now going on the market with an asking price of £366,592.

However, Rightmove’s data reveals that Yorkshire and the Humber is outperforming the national market, with asking prices only down by 0.5% this month, and up by 3% year on year. The average asking price in the region is now £249,708.

In addition, the number of sales being agreed nationally is still 26% ahead of the quieter market at this time in 2023 and buyer demand is 23% up on this time last year, boosted by this month’s latest interest rate cut by the Bank of England. The number of new sellers deciding to move and coming to market is also 6% ahead of the same period a year ago.

Rightmove now forecasts that new seller asking prices will rise by 4% in 2025, which is the company’s highest prediction since 2021, with lower mortgage rates releasing pent-up housing demand and putting modest upwards pressure on prices.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices in West and North Yorkshire, said: “Throughout autumn we’ve been busy across our offices listing new homes for sale and many potential home movers have been buoyed by the recent second cut in interest rates this year.

“Getting the Budget out of the way is another positive for the market and actually makes now a good time to launch a property for sale, when other sellers might choose to wait until after Christmas, because there are buyers waiting to pounce as soon as the right property comes available. First-time buyers are also active now, before they lose their additional stamp duty relief next April.

“Crucially though, because there are more homes for sale than in recent years, it’s vital that sellers price competitively and take steps to make their homes as attractive as possible, in order to stand out from the competition. This is where the advice of an experienced local estate agent can be invaluable.”

Tim Bannister, Rightmove’s director of property science, commented: “There’s been a lot of news to digest for home-movers over the last few weeks and it appears that the market may still be chewing it over. We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp-duty charges for most home-movers and second-home buyers, and some first-time buyers. However, a second Bank Rate cut and a boost of optimism regarding 2025 appear to have reversed this trend at least temporarily. Zooming out of these short-term trends, the big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass-market.

“Despite the post-Budget gloom, the market is more positive than last year, with average asking prices currently 1.2% higher than in 2023, in line with our forecast of a 1% increase for 2024. We now predict that we’ll see a stronger year for prices in 2025. The signs are that the market momentum that we’ve been seeing this year will continue into next year, especially if mortgage rates drop to a level that gives greater affordability to some movers who have been waiting in the wings until now. However, we still expect some twists and turns next year. The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods, and sellers will still need to price temptingly enough to secure a buyer while the choice of homes for sale remains as high as it is right now.”

Dacre, Son & Hartley was founded more than 200 years ago and is Yorkshire’s largest independent estate agent with 20 offices across North and West Yorkshire.