PRICES of North Yorkshire homes shot up faster over the three months to April than anywhere else in the north-east and Cumbria, it has been revealed - and prices are still rising.
An average increase of 3.55 per cent for all property types in North Yorkshire was the highest quarterly growth rate in the entire region, according to the latest Northern Rock house price survey.
It means that generally, a home bought in North Yorkshire in April last year is now worth on average 11.68 per cent more.
But the huge demand for two-bedroom terrace houses in the city propelled their value up by as much as 15.92 per cent over the year, bringing their value to £62,250 - the highest price by far in the north-east and Cumbria, which averages £13,800 less.
The average price of a home in North Yorkshire across all types now stands at £87,500.
It means that of the ten areas in the greater region York is second only to Newcastle when it comes to values of homes.
Newcastle's average home is fractionally more expensive at £87,600.
The survey shows that North Yorkshire's average price for four-bedroom detached homes is £153,200; for three-bedroom semi-detached homes, £89,850; for a three-bedroom terrace, £75,500; for a two-bedroom semi-detached bungalow, £76,750; and for a two-bedroom flat, £58,000.
The survey reports estate agents' views that the North Yorkshire market "remains buoyant with prices still rising despite more houses being up for sale".
Alistair Laws, Northern Rock's chief valuer, said: "Our January prediction that steady and sustainable price increases would continue is borne out by the latest survey, which shows continued market demand and good levels of activity.
"Price increases have exceeded expectations in a number of sectors of the market, which is once more characterised by a sustained period of low interest rates and good levels of affordability.
"The market also continues to be underpinned by a restricted supply of properties in most areas."
He added that although the market might lose some impetus as the year progressed, the group expected sustainable price increases and reasonable levels of activity to continue.
Updated: 08:25 Wednesday, May 07, 2003
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