Ryedale house prices dropped in November

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 7 per cent over the last year – though still the lowest in Yorkshire and the Humber.

The average Ryedale house price in November was £311,961, Land Registry figures show – a 0.5 per cent decrease on October.

Over the month, the picture was similar to that across Yorkshire and the Humber, where prices decreased 0.7 per cent, but Ryedale was lower than the 0.3 per cent drop for the UK as a whole.

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Over the last year, the average sale price of property in Ryedale rose by £20,000 – putting the area bottom among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

The highest annual growth in the region was in Leeds, where property prices increased on average by 14.9 per cent, to £247,000.

The average UK house price edged down to £295,000 in November 2022, from the previous month's record high of £296,000.

Property prices increased by 10.3 per cent in the year to November, slowing from 12.4 per cent in October.

Commenting on this drop, Henry Scott, partner at Boulton & Cooper Stephenson, said: “The property market is not immune to wider economic forces, shocks, and the squeeze on household purse strings. 

Henry Scott (Image: Supplied)

“It is quite normal for there to be adjustments due to changes in economic factors. 

“Perhaps it is the speed at which these changes (in both directions) have taken place over the last few years that have taken most by surprise. 

“To give you a flavour of the speed by which the market has shifted:  according to Land Registry data, between March 2020 to January 2023, property prices in Ryedale have increased by over 33 per cent. 

“In the preceding three years, property price increase in Ryedale was sluggish at 14 per cent. 

“This represents quite extraordinary and unprecedented price increases in a relatively short period of time. 

“I don’t recall anybody predicting that at the start of the Covid pandemic in March 2020.

“The signs would suggest there will be a levelling off in terms of property price growth figures, with buyers being more cautious and, in turn, sellers being more pragmatic. 

“The queuing frenzy at viewings may tail off and the enquiry levels more select with prospective viewers being more informed and ‘oven-ready’ (sorry, Boris!). 

“However, I am not Mystic Meg and to predict the property market is a futile game, particular in current times. 

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“I can only analyse what is happening on the ground, based on our experience. 

“In the first few weeks of January, we have seen a larger than average range of properties at or in excess of the advertised guide price, particularly at the £750,000 plus range of properties. 

“In addition, a larger number of properties for the time of year are being concluded by Informal Tender/Best & Final Offers. 

“This belies what the data is telling us and highlights that we still see Ryedale delivering and out-performing other regions, as demand outstrips supply for the best properties.

“Our message would be not to hold off.”

You can email Henry Scott on Hendry.scott@stephenson.co.uk and call him on 01653 692151 or 07739 983806 to arrange a no obligation, free market appraisal of your property.