Residential Property Prices Update

HOUSING PRICES have slipped for the second consecutive month for the first time since December, according to Rightmove’s latest house price index, providing evidence that supply is outstripping demand.

However, while property in the North saw the largest increase in prices, according to Rightmove’s survey, in Yorkshire and Humberside on an annual basis, property prices fell by 0.4%.

The average asking price for August 2010 in this region is £158,084 which compares with £161,263 in July and £158,700 this time last year. The average price nationally is £232,241.

However, local Estate Agent John Dennis of John P. Dennis, Chartered Surveyors and Estate Agents does not give much credence to the price trends and warns that at the best they are 'Regional' and not local. He summarises the local property scene:

As far as Hedon and the South Holderness villages are concerned - in my opinion prices seemed to stop falling in mid 2009, and have bumped along at or about that level ever since. There have been no signs of further falls, nor has there been any signs of significant rises. Market transactions are up but the increased number of sales has now been offset by an increased number of homes coming on the market since the end of Home Information Packs. When banks feel confident enough to start lending at reasonable levels again (in particular without asking 1st time buyers for 15% to 20% deposits,) the situation may change for the better. In the meantime we keep on being positive.

In other property news, The Daily Telegraph, reports that a sea-view generally adds value to a property. Of the five best value seaside towns, three are in east Yorkshire!  Withernsea, Hornsea and Bridlington share this honour along with the Scottish seaside towns of Peterhead and Fraserburgh.