Prices slip during summer slowdown

Property asking prices in the UK dipped by 1.3 per cent over the past month, according to Rightmove, which blamed the usual summer lull in activity and said the fall was broadly in line with summer price trends over the past decade.

Yorkshire saw a 0.9 per cent drop in prices over the month but values are still 9.9 per cent higher than they were in August last year.

The average asking price in Yorkshire is now £241,489, compared to a national average of £365,173.

The imbalance of new property stock also continues to ease. Rightmove said new listings are up by 12 per cent on the same period last year,

North and West Yorkshire estate agency Dacre, Son &a Hartley, has almost 50 per cent more properties, either for sale or under offer, than this time last year.

Patrick McCutcheon, the firm’s head of residential, says: “A minor price dip in August has become the norm as holidays take priority at this time of year.

“Some new sellers will also decide to price more competitively if they have set their sights on moving before the end of the year.

“After a frantic couple of years, it was to be expected that the market would gently return to normal, though many houses are still subject to multiple offers and demand remains strong.

“The increase in stock that we have experienced over the past 12 months is very encouraging, although we still have 20 per cent less stock than before the pandemic.”

Patrick adds: “This is continuing to create an imbalance between supply and demand and we still have high numbers of buyers searching for homes.”

Rightmove advise wouldbe buyers to get a mortgage in principle to understand how much they can borrow with interest rates rising.