Wetherby has topped the annual North Yorkshire House Price Index this year, with a substantial rise of 10%, according to the annual North Yorkshire House Price Index.
The Index is compiled by the region’s leading property buying agents, The Search Partnership, and records the average price paid per square foot for property, as recorded by the Land Registry, across six key areas in North Yorkshire – Thirsk, Ripon, Boroughbridge, Harrogate, Wetherby and Bedale.
Bedale, Thirsk, Ripon, and Boroughbridge have all seen reductions in house prices in 2023. The largest falls were seen in the villages surrounding Thirsk and Ripon, where prices dropped by 8% and 4% respectively. In contrast, Harrogate and Wetherby have emerged as areas witnessing price growth. Harrogate has seen a modest increase of 2%, while Wetherby boasts a more substantial rise of 10%.
Director, Toby Milbank, from The Seach Partnership said: “Last year, North Yorkshire’s housing market navigated a landscape of higher interest rates, along with the rest of the UK, which has shaped the patterns of buyer behaviour. Interest rates have served as a mitigating factor, keeping the number of buyers in check. Notably, those buyers who have needed to move have been cautious, price sensitive and have used the negative sentiment to negotiate lower purchase prices.”
“Historically, Wetherby and the villages surrounding have always been a popular part of the county. However, from 2014 until 2020 the Wetherby area saw little or no price growth during the six-year period. Buyers have noticed the area providing comparatively good value, transaction levels have increased, which has pushed up prices, culminating in this 10% increase in 2023.”
Fellow director, Tom Robinson added: “The best performing village in the Wetherby area in 2023 has been Kirby Overblow. Last year prices have consistently surpassed £500 per square foot in the village, which has been a stalwart performer for as long we can remember. The combination of proximity to Harrogate, Leeds, and the airport, as well as the views over Lower Wharfedale has always attracted buyers and contributed significantly to the area’s overall rise in average house prices.
“As we look forward in 2024, buyers and sellers alike will have a keen eye on interest rates. Mortgages are currently available at around 4.25%, which is lower than the peak last year but with constant talk of rates coming down this year, we expect to see an increase in buyer confidence and an uplift in transactions levels as we move into quarter three. If there is to be some price growth in the Yorkshire market, we believe it is more likely that this will be in the Autumn, rather than Spring.”