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Yorkshire has biggest house price growth in England for second quarter in row

Prices in the three months up to September were up 12.3% year-on-year

Annual house price growth remained in double digits for fifth month in row

Yorkshire has recorded the biggest rise in house prices in England for the second quarter in a row, shows the Nationwide House Price Index for September 2021.

As Yorkshire house prices top the English chart again, the average price in the region has been pushed to £188, 457, which is up £20,641 on the same period last year.

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Prices in the three months up to September were up 12.3% year-on-year. Close second was the North West with a rise of 11.4%. London was the poorest performer with annual growth down to 4.2% from 7.3%. Yorkshire appeared third in the house price growth table with Wales at the top with 15.3% year-on-year growth and Northern Ireland second with 14.3%.

Commenting on the Nationwide figures, Robert Gardner, Nationwide’s Chief Economist, said: “Annual house price growth remained in double digits for the fifth month in a row in September, though there was a modest slowdown to 10.0%, from 11.0% in August. House prices rose by 0.1% month-on-month, after taking account of seasonal effects. As a result, house prices remain c13% higher than before the pandemic began in early 2020.”

He added: “Price growth in northern England continued to exceed that in southern England.”

Speaking about the future of house prices, he said: ““As we look towards the end of the year, the outlook remains uncertain. Activity is likely to soften for a period due to the stamp duty holiday expiring at the end of September, and underlying demand is likely to soften around the turn of the year if unemployment rises as government support winds down, as seems likely.

“But this is far from assured. The labour market has remained remarkably resilient to date and even if it does weaken, there is scope for shifts in housing preferences as a result of the pandemic – such as wanting more space or to relocate – to continue to support activity for some time yet.”