Ryedale house prices increase above average for area

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.6 per cent over the last year.

The average Ryedale house price in August was £317,933, Land Registry figures show – a 1.9 per cent increase on July.

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

READ MORE: NYMR announces discount for Light Spectacular express

Over the last year, the average sale price of property in Ryedale rose by £47,000 – putting the area second 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 per cent, to £286,000.

The average Ryedale house price in August was £317,933, Land Registry figures show – a 1.9% increase on July. Picture: North Yorkshire County Council (Image: North Yorkshire County Council)

At the other end of the scale, properties in Richmondshire gained 5.6% in value, giving an average price of £254,000.

Commenting on this increase in Ryedale, Henry Scott, partner at Boulton Cooper Malton, said: “As with any marketplace, the property market is no different. 

“Accordingly, there have been two crucial factors at play in the Ryedale property market, which are the profound reasons for this up-tick in property prices. 

“The first is supply: there continues to be an unprecedented low level of supply of properties in the locality on the market and this has been sustained over a prolonged period of time. 

“We anticipate this will continue for the foreseeable future, and there is limited new build property in the pipeline to increase levels of supply of housing stock to the marketplace. 

“The second is demand: we have continued to see an increase in and broadening of demand for properties in the Ryedale area. 

“This has been particularly profound for properties in more rural areas where connectivity remains good, and the availability of outside space and flexible living space are key search parameters.” 

On how clients have reacted to this increase, Mr Scott said: “Most vendors have been hugely encouraged to see the price of their homes increase considerably in recent times. 

“Some have been genuinely shocked, not just by the prices being achieved but by the huge amount of enquiries and viewings. 

“However, as is invariably the case, most vendors are also prospective buyers. 

“As such, there is also the realisation that their budget will have to be undoubtedly readjusted to factor in the increased prices of their onward purchase.”

“In the current wider economic climate, we will monitor closely how sustainable this house price increase will be.

“That is why for property owners and those considering a sale in the future, our advice is to seek expert and experienced valuation advice at the earliest opportunity.”