HOUSE prices in York increased slightly by 0.1 per cent in February, new figures show, as the industry predicts a property boom.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.6 per cent annual growth.

Read more: This is how long it takes to sell your home in each YO postcode

The average York house price in February was £273,341, the latest Land Registry figures show – a 0.1 per cent increase on January.

Over the month, the picture was similar to that across Yorkshire and The Humber, where prices increased 0.6 per cent, and York outperformed the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in York rose by £17,000 – putting the area 19th among Yorkshire and The Humber’s 24 local authorities for annual growth.

The best annual growth in the region was in Selby, where property prices increased on average by 23.4 per cent, to £242,000. At the other end of the scale, properties in Hull gained 1.3 per cent in value, giving an average price of £115,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in York in February – they increased 1 per cent, to £175,143 on average. Over the last year, prices rose by 4.6 per cent.

Among other types of property:

  • Detached: down 0.2 per cent monthly; up 7.4 per cent annually; £440,166 average
  • Semi-detached: remained level over the month; up 7 per cent annually; £283,236 average

Terraced: down 0.1 per cent monthly; up 6.7 per cent annually; £236,522 average

How were first time buyers affected?

First time buyers in York spent an average of £234,000 on their property – £14,000 more than a year ago, and £35,000 more than in January 2016.

By comparison, former owner-occupiers paid £309,000 on average in February – 31.9 per cent more than first-time buyers.

How do property prices in York compare?

York Press:

Buyers paid 50 per cent more than the average price in Yorkshire and The Humber - £182,000 - in February for a property in York.

Across Yorkshire and The Humber, property prices are higher than those across the UK, where the average cost £250,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – £298,000 on average, and 9 per cent in York.

Harrogate properties cost 2.6 times as much as homes in Hull - £115,000 average - at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.2 million could buy 13 properties in Hyndburn, an average of £92,000.