House price growth in different areas of Yorkshire varies by more than 50%, according to a 10-year study of the region’s housing market.
The research, conducted by Halifax, revealed major differences in towns across the region. During the past 10 years, the value of the average home in Harrogate rose by 118%, more than double that seen in the Humber.
The towns experiencing the biggest price rises after Harrogate were found to be Otley, Thirsk, York, Hebden Bridge, Wetherby, Northallerton, Selby, Castleford and Knaresborough, with prices rises ranging from 72% to 108% since 1992.
North Yorkshire has seen the biggest gain in house prices, with average prices reaching £117,875. This is almost £48,000 more than the average cost of homes in South Yorkshire, where the average property costs £70,000. West Yorkshire has seen increases of 41% over the last 10 years and in East Riding prices have risen by 28%, with average prices under £67,000.
Although it has not experienced huge house price increases, Ilkely has the most expensive real estate, with the average house costing just under £175,000.
Martin Ellis, group economist at HBOS, said house prices in the region could rise further. ‘The housing market is expected to slow in southern England over the coming year. But the prospects are for house prices in Yorkshire to maintain their current buoyancy, with further significant rises during the next 12 months as demand is boosted by a combination of favourable housing affordability in most parts of the county and an improving regional economy.’