House prices increased by 1.9 per cent in Ryedale in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 18.6 per cent over the last year.

The average Ryedale house price in September was £320,550, Land Registry figures show – a 1.9 per cent increase on August.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices remained static, and Ryedale was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Ryedale rose by £50,000 – putting the area second among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

Read about how these prices compare to August 

The highest annual growth in the region was in Craven, where property prices increased on average by 20.4 per cent, to £288,000. At the other end of the scale, properties in Calderdale gained 6.9% in value, giving an average price of £184,000.

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

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of “a turning tide for house prices”.

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes.”

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts,” he added.

First-time buyers in Ryedale spent an average of £262,000 on their property – £41,000 more than a year ago, and £81,000 more than in September 2017.

By comparison, former owner-occupiers paid £358,000 on average in September – 36.7% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Ryedale in September – they increased 2.1 per cent, to £446,662 on average. Over the last year, prices rose by 19 per cent.