YORKSHIRE’S housing market is bucking the national trend of falling property prices according to the latest data from Rightmove.

Average asking prices for newly listed homes have dropped by 1.9 percent in December, which is higher than the previous 20-year average reductions of 1.5 percent due to seasonal factors, as sellers get more competitive.

However, Yorkshire and the Humber is one of several regions where asking prices have increased, with Rightmove’s data showing year on year growth of 0.7percent.

Rightmove’s data also shows that buyer demand in the mid-market, second-stepper sector is up the most against last year’s post-mini-Budget period at more than nine percent, while overall buyer demand is up by six percent after some movers paused to wait for calmer conditions.

Rightmove predicts that new seller asking prices will drop nationally by an average of one percent in 2024, with motivated sellers still needing to price below their local competition to secure a sale, as buyer affordability remains stretched.

Patrick McCutcheon, head of residential at Dacre, Son and Hartley, which has offices in Skipton and Settle, said: “Although transactions were lower in 2023 than in 2022, Yorkshire’s property market has held up well. Mortgage rates have fluctuated, and this has made buyers more risk-averse, but the decision in December to hold interest rates is another sign that things are calming down and we expect to see lenders continuing to compete for business, which is positive news for buyers.

“Both buyers and sellers are taking a more realistic approach now and ultimately a well-presented property that’s accurately priced with a reputable estate agent that knows the local market inside out will sell.

“Lots of potential movers have been waiting to see what happens and it’s likely that cheaper mortgages combined with a broader choice of property for sale will encourage many to go for it in 2024.”

Tim Bannister, Rightmove’s director of property science, said: “Further price falls beyond the usual seasonal trends that we’d expect at this time of year signal that some new sellers are continuing to act on the advice of agents to price competitively. We entered 2023 under a cloud of uncertainty, as the fallout from the Autumn mini-Budget filtered through to lower activity levels.

“High mortgage rates which have added to already-stretched buyer affordability have been a challenge throughout 2023 and this is likely to carry into 2024. However for now, there appears to be more calm and certainty heading into 2024, and the annual fall of 1.1 percent in asking prices highlights the market’s much-better-than-predicted resilience this year.”