Yorkshire Property Market Shows Signs of an Autumn Lift

There are some encouraging signs for homeowners considering a move this autumn, according to the latest Rightmove House Price Index.

The figures show that the average asking price of a newly listed property in Yorkshire and the Humber reached £259,162 in September, representing a 1.3% increase compared with August and a 0.2% increase compared with the same period last year. The average time to find a buyer across the region currently stands at 64 days.

That represents a noticeable improvement following August, when the regional average asking price stood at £255,956 and prices had fallen by 1.5% month-on-month.

The traditional autumn market

The regional figures reflect a wider improvement in the property market following what Rightmove describes as a particularly quiet summer.

Across Great Britain, the average asking price of a newly listed home increased by 0.7% during September to £367,440, the first monthly increase since May.

Rightmove notes that September's rise was also ahead of the ten-year average September increase of 0.5%, suggesting the early signs of the traditional increase in activity associated with the autumn market.

For homeowners in Wakefield and the surrounding West Yorkshire area, this is a useful reminder that autumn can still present a good opportunity to bring a property to the market.

Getting the asking price right remains crucial

While the latest numbers are encouraging, sellers still need to be realistic.

Rightmove reports that the number of homes available for sale nationally is at a 12-year high for this time of year, while buyer enquiries are 9% lower than at the same point last year. Buyers therefore have plenty of choice and sellers face considerable competition.

Perhaps one of the most interesting statistics for anyone thinking of selling is that 74% of homes that have sold so far this year were priced correctly from the outset and did not subsequently require an asking-price reduction.

For us at Hodsons, this reinforces something we regularly discuss with sellers: the initial marketing price matters enormously.

An ambitious asking price can be tempting, but in a market where buyers have plenty of properties to choose from, coming to market at a realistic and competitive price can help generate interest during those important first few weeks.

What does this mean for the Wakefield property market?

Rightmove's figures cover Yorkshire and the Humber as a whole, so they should not be taken as a specific measure of house prices in Wakefield. Individual towns, villages and even particular streets can perform very differently.

However, a 1.3% monthly rise in regional asking prices provides a positive backdrop as we move further into the autumn market.

At Hodsons, our view is that sellers should concentrate less on headlines about the national property market and more on what is happening locally.

The right asking price will depend on the property itself, its location, condition, competition from similar homes and the evidence from recent comparable sales.

Thinking of moving?

If you're considering selling in Wakefield or the surrounding area, autumn can be a good time to establish your property's current market value and begin making plans.

Even if you're not quite ready to go on the market, there is nothing to stop you getting your photography, floorplan and marketing preparations underway so that you're ready to launch when the timing suits you.

Hodsons Estate Agents have been selling homes across Wakefield and the surrounding area for more than 35 years. If you're thinking about moving and would like an honest, experienced opinion on the value of your property, we'd be delighted to help.

Market statistics quoted are taken from the Rightmove House Price Index. Regional figures relate to Yorkshire and the Humber and do not represent individual property valuations or specific local markets.