HOUSE prices in Craven leapt by 6.5 per cent in May, new data shows.

The significant rise contributes to the longer-term trend, which has seen property prices in the area grow by 18.2 per cent over the last year - the highest in Yorkshire and the Humber.

The average Craven house price in May was £275,097, Land Registry figures show.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices increased 2.1 per cent, and Craven was above the 1.2 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Craven rose by £42,000 – putting the area top among Yorkshire and the Humber’s 21 local authorities.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

First-time buyers in Craven spent an average of £236,000 on their property – £35,000 more than a year ago, and £62,000 more than in May 2017.

By comparison, former owner-occupiers paid £294,000 on average in May – 24.6 per cent more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices in Craven in May – they increased 6.7 per cent, to £223,178 on average. Over the last year, prices rose by 17.3 per cent.

Other property data shows detached: up 6.5 per cent monthly; up 20.7 per cent annually; £461,261 average

Semi-detached: up 6.4 per cent monthly; up 18.7 per cent annually; £295,064 average

Flats: up 5.5 per cent monthly; up 14.7 per cent annually; £183,958 average.

Buyers paid 34.3 per cent more than the average price in Yorkshire and the Humber (£205,000) in May for a property in Craven.

The most expensive properties in Yorkshire and the Humber were in Harrogate – £326,000 on average.

Average property price in May - Craven: £275,097; Yorkshire and the Humber: £204,835; UK: £283,496