Yorkshire house prices increased by 0.8% in November, with Doncaster experiencing the highest annual growth at 6.7%, while Barnsley saw a more modest 1.9% increase. Nationally, average house prices decreased slightly in November but rose 3.3% year-on-year. The UK's CPI inflation dropped to 2.5% in December, potentially influencing future mortgage rate decisions by the Bank of England.
The cost of buying a home across every city, town, and area in Yorkshire has been revealed. According to the latest figures from the Office for National Statistics (ONS), house prices in November saw an increase of 0.8 percent in Yorkshire and the Humber compared to October. On average, a property in Yorkshire cost £214,636 in November. Doncaster emerged as the local authority area with the highest annual growth, witnessing an average property price increase of 6.7 percent.
Conversely, houses in Barnsley experienced a more modest appreciation of just 1.9 percent in value. Nationally, average house prices in November showed a slight decrease from the previous month, but have risen by 3.3 percent over the past year. Separate data from the ONS indicates that the Consumer Prices Index (CPI) inflation dropped to 2.5 percent in December, down from 2.6 percent in November. This positive development for borrowers comes amid uncertainty surrounding potential mortgage rate increases following recent fluctuations in the gilt market. David Hollingworth, associate director at L&C Mortgages, commented on the situation, expressing optimism that the Bank of England might cut the base rate in February. However, he acknowledged that the market is uncertain about the extent and speed of any potential rate reductions. This uncertainty has contributed to fixed rates edging higher towards the end of 2023, a trend that has continued into the new year. Hollingworth cautioned that while the base rate is still expected to fall, the magnitude of that drop remains unclear. He advised borrowers nearing the end of their current mortgage deals to secure new rates a few months in advance to mitigate the risk of further increases in fixed rates. This proactive approach allows borrowers to lock in a favorable rate while still having the flexibility to reassess if market conditions improve
HOUSE PRICES YORKSIRE DONCASTER INFLATION MORTGAGE RATES
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