Yorkshire’s property market has encountered a clear rise in activity over the last month, according to statistics from the region’s largest independent estate agent Dacre, Son & Hartley and backed by data from Nationwide that reveals that prices are gradually rising as the market gains momentum.
The latest statistics from Nationwide show property sales are roughly 5% higher during the first five months of 2013 in comparison with the average monthly levels in 2012. According to the mortgage lender this has assisted in pushing annual price growth to 1.1% with prices increasing by 0.4% in May alone, which means the average house in the UK now costs £167,912.
Patrick McCutcheon FNAEA, Head of Dacres Residential said: “Economic news is generally more confident, with the UK returning to growth in the first quarter of 2013 and this is having a positive effect on the housing market. Even the weather improving plays a part in boosting sentiment amongst potential homebuyers.
“In Yorkshire the sub £500,000 sector has seen the greatest increase in activity and this is steadily filtering up the market. Mortgage finance remains cheap and the availability of credit is improving with initiatives such as the ‘Funding for Lending Scheme’, which allows banks to borrow money at discounted rates from the Bank of England before lending it to customers, having a positive impact.”
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