October 2022 Property Update
Property Prices Across England rise 0.9% in the month of October (Far from the outcry of the media!!).
Read on more to find out about the effects of the recent changes to mortgage interest.
Your snapshot of the property market (Source: Rightmove)
Across Yorkshire
Property prices across Yorkshire + Humberside up 0.7% last month to £243,681
Overall, sold prices in Yorkshire are 12% up on the 2019 peak of £197,666.
Across England
The average price of property coming to the market rises by 0.9% (+£3,398) in the month to a new record of £371,158:
This 0.9% rise is however a softening from the five-year average rise in October of 1.2%
There is little sign of downwards price pressure on existing properties for sale. The number of homes seeing a reduction in the month creeps up by 2% to 23%.
20% increase in buyer demand compared to 2019!
The knock on effect from the change in mortgage interest rates:
Buyer demand is still 20% higher than the more normal market of 2019, but it is down by 15% in the last two weeks compared with the same two weeks last year.
The first-time buyer sector appears hardest hit by interest rate increases, with demand in the last two weeks dropping by 21% compared to the same two weeks last year, though it is 24% higher than 2019.