Business Breakfast: House prices stabilise, data suggest

Last updated Oct 19, 2023

The Stray Ferret Business Club’s next meeting is a breakfast event on Thursday, October 26 at Banyan in Harrogate from 8am to 10am.

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After a period of deflation, the housing market showed modest signs of stabilisation this month, the latest data from Rightmove suggest.

Property asking prices edged upwards by an average of £1,950 or 0.5% this month, but Yorkshire and the Humber saw a slightly a bigger increase of 0.6%.

This means the average asking price in Yorkshire and the Humber now stands at £248,000, which is a 1.8% increase on this time last year.

However, the national monthly increase of 0.5% is the smallest average asking price increase at this time of year since 2008, and well below the historic norm in October of 1.4%. The number of sales agreed is also 17% below this time last year, as those sellers who are struggling to adjust their price expectations to match current activity levels are finding their homes left on the shelf.

Rightmove said the number of buyers enquiring for each available home for sale is 8% higher than in the more normal, and pre-Covid, 2019 market. It also revealed that a property that receives its first buyer enquiry on the first day of marketing, rather than after two weeks, is 60% more likely to find a buyer.

Patrick McCutcheon, head of residential at Dacre, Son & Hartley, which has 20 offices across Yorkshire, including branches in Harrogate, Ripon, Knaresborough and Pateley Bridge, said:

“Accurate pricing is vitally important in the current market to generate immediate momentum when launching a property to market. There are buyers waiting for the right homes to come onto the market, but most will steer clear of anything overpriced.

“Although it can be tempting for sellers to price high initially on the off chance there’s a buyer waiting in the wings, and then reduce the price later when it doesn’t sell, this can be a risky strategy in the current market.”

Independent school in charity tie-up

Families living in poverty across Yorkshire will benefit from a new charity link-up after pupils at Ashville Prep School in Harrogate chose Zarach as their charity for the year.

Zarach delivers beds and basic provisions to children living in poverty and was set up by Leeds primary school teacher Bex Wilson after she found that some of the children she taught didn’t have a bed to sleep in.

Photo of pupils at Ashville Prep School, who have chosen to raise money for charity Zarach over the coming year.

Pupils at Ashville Prep School donated food at their harvest festival service.

Phil Soutar, Head of Ashville Prep School, said:

“The new link-up reflects Ashville’s values of openness, respect for others and a sense of social responsibility. It is not just about raising money or gifting goods for this great charity, it’s also about raising awareness about the daily hardship faced by people in our community.

“We’re immensely proud of the thoughtfulness and empathy shown by our pupils, as we explore more ways in which we can help others and give back to our community.”

The partnership got off to a successful start at the prep school’s harvest festival service, and the Prep School Charity Club will continue to raise money for Zarach for the remainder of the academic year, helping to pay for “bed bundles” which include a mattress, pillow, duvet, pyjamas, sheets, toothpaste and other sanitary and bathroom products.

Last year, the Prep School Charity Club raised more than £2,500 for Guide Dogs.