East Riding of Yorkshire house prices increased more than Yorkshire and Humber average in August

The average house price in the East Riding in August was £226,613, Land Registry figures show – a 2.8% increase on July. Photo: PA Images

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.7% over the last year.

The average house price in August was £226,613, Land Registry figures show – a 2.8% increase on July.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 0.8%, and the East Riding was above the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in the East Riding rose by £24,000 – putting the area 12th among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Craven, where property prices increased on average by 19.9%, to £286,000. At the other end of the scale, properties in Richmondshire gained 5.6% in value, giving an average price of £254,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But experts say expectations have changed significantly in recent weeks amid mortgage rate rises, with the likelihood of a dampening effect on house price growth.

Chris Druce, senior research analyst at Knight Frank, said: “Current activity in the housing market is being shaped by mortgage status.

“Those that can are pushing on and securing deals ahead of further increases, while others have paused plans to digest events.

“With affordability set to be a growing barrier for many homebuyers in the coming months, we forecast house price growth will slow from here, with price falls in 2023.”

First-time buyers in the East Riding spent an average of £186,000 on their property – £19,000 more than a year ago, and £42,000 more than in August 2017.

By comparison, former owner-occupiers paid £255,000 on average in August – 36.8% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in the area in August – they increased 2.8%, to £338,588 on average.