NORTH Yorkshire's booming property market is finally showing signs of slowing down, property experts have admitted.

While house prices are currently still increasing, the rate of rise has decreased for the fourth month running across Yorkshire and Humberside, the Royal Institution of Chartered Surveyors has reported.

They have said the market in North Yorkshire is not shirking the general trend, but is also seeing signs of the slowing down.

But estate agents in York differ on the extent to which the slowdown will hit the city and the region.

Edward Waterson of Carter Jonas said: "Sales continue at the same level as previously, with sufficient buyers to match properties. However, there is a feeling that the market is peaking."

But the claim was dashed by other vendors.

Stephensons associate partner, Martin Grayshon, said: "I don't think the market is peaking.

"The level of inflation is slowing down, but York's prices are still behind Leeds, Wetherby and Harrogate, and I think the York market will keep rising, but at a slower rate, at least until it catches them up.

"It's definitely not peaked yet."

Hunters' director Kevin Hollinrake said: "It is much, much quieter than this time last year.

"Recent rises in interest rates, comments and speculation, particularly by the Bank of England are having a dampening effect.

"But we think it will remain quieter but stable, for the foreseeable future, as the fundamentals of strong employment and good affordability are there.

"And there is a shortage of supply still, no question.

"We expect to see rates continue to rise at five to ten per cent for the next few years."

Hudson Moody founding partner Ben Hudson said: "We are finding the market is certainly levelling out, but this is really quite a nice thing.

"If the market is just going up and up it will eventually go stratospheric, where as this is safer, slowing down now, so things should be more realistic, rather than the boom and bust of the 1980s.

"This gradual slow down means people are having to be a little more realistic. Rather than pricing in front of the market and waiting for it to catch up in a few weeks, they are now having to get the prices right, but the market is still turning over."

Updated: 10:49 Tuesday, August 17, 2004