FIRST-TIME buyers in York spent more than £250,000 on their property this Summer amid another jump in house prices.

Residents taking their first steps on the property ladder spent an average of £253,000 on their property in June. That's £30,000 more than a year ago and £53,000 more than in June 2016.

By comparison, former owner-occupiers paid £334,000 on average in June – 32.0 per cent more than first-time buyers.

It comes after York house prices increased by 2.4 per cent from May to June, according to new figures.

Read similar stories: York is among the least affordable cities in the country

The boost contributes to the longer-term trend which has seen property prices in the area achieve 14.1 per cent annual growth.

The average York house price in June was £295,786, Land Registry figures show.

But York underperformed compared to the 4.5 per cent rise for the UK as a whole. Meanwhile, across Yorkshire and the Humber, prices increased by 7.1 per cent.

Over the last year, the average sale price of property in York rose by £37,000 – putting the area eighth among Yorkshire and The Humber’s 24 local authorities for annual growth.

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Winners and losers

Owners of terraced houses saw the biggest improvement in property prices in York in June – they increased by 2.5 per cent to £257,420 on average.

Over the last year, prices rose by 14.6 per cent.

Among other types of property:

  • Detached: up 2.4 per cent monthly; up 15.4 per cent annually; £478,176 average.
  • Semi-detached: up 2.4 per cent monthly; up 14 per cent annually; £305,592 average.
  • Flats: up 2.2 per cent monthly; up 12.1 per cent annually; £187,764 average.

How do property prices in York compare?

Buyers of York homes paid just over half - 52.1 per cent - more than the average price in Yorkshire and the Humber in June.

On average, it costs £195,000 for a property in Yorkshire and the Humber. This has jumped from £76,368 in 2001 (Source:Housing Finance, Council of Mortgage Lenders and DCLG website).

Property prices are higher than those across the UK, where the average cost £266,000.

The most expensive properties in Yorkshire and The Humber were in Harrogate – costing £312,000 on average.

Harrogate properties cost 2.6 times as much as homes in Hull - where you can buy a home for £121,000 on average.

The highest property prices across the UK were in Kensington and Chelsea with an average June sale price of £1.2 million.