24pc rise in Ryedale house prices last year (From Gazette & Herald)

24pc rise in Ryedale house prices last year

HOUSE prices in Ryedale have risen by 24pc in the last year.

Figures released by HM Land Registry revealed that the actual selling prices for homes in the Ryedale area increased by 24.1pc from the end of 2001 to the end of 2002.

In the final quarter of last year, the average cost of a house in Ryedale was £142,311, more expensive than the average prices in both York and Selby district. But a year earlier, the average selling price in the area was £114,668.

The report shows that the biggest rise occurred with terraced houses, which increased by 25.7pc from an average price of £77,471 in 2001 to £97,355 in 2002.

The smallest increase was in the sector of flats and maisonettes, which rose by only 12.9pc.

Detached houses rose by 21.7pc, with the average price of a detached house in Ryedale reaching the £200,000 mark at the end of last year. And semi-detached houses saw an 18pc increase in price.

Christopher Wilson, property manager with the Malton branch of estate agents Boulton and Cooper said that house prices in Ryedale were beginning to level out.

He said: "Prices will continue to increase but at a slower rate."

He said the high increase in house prices had been partly due to a shortage of housing in the area.

"There has been very little new build to satisfy the excess in demand. The highest increase has been seen with terraced housing as lower interest rates have allowed first-time buyers to borrow more," he said.

But he said there was a danger that people from Ryedale, particularly first-time buyers, could be priced out of the market.

He said: "At the moment, if you want to live in Ryedale, you almost have to wait until someone leaves the area."

He added that house prices were also high because Ryedale had become a very popular location for retirement and for commuters, who work in York and Leeds.

High increases in property prices were also seen in other areas of North Yorkshire.

The biggest rise was seen in the Selby district where the average price rose by 38.2pc from £90,471 in 2001 to £125,065 in 2002.

And the cost of homes in York rose by almost 31pc.

Updated: 13:37 Wednesday, April 16, 2003