PROPERTY prices saw a slight drop in York in January, new figures show.

House prices in the city decreased by 0.2 per cent in January on December, putting the average York house price at £303,200 in the month, according to Land Registry.

Whereas, the property prices across the UK increased by 0.4 per cent on average, putting the average UK house price at £273,762.

Although, this does not reverse the longer-term trend, as York property prices have seen a 11.4 per cent annual growth, with the average house price rising by £31,000.

The Press previously reported that York property prices saw a 13.2 per cent annual growth from November, with a 3.5 per cent increase from October to November alone, which saw the demand for property soar in this New Year’s market.

Simon Cartwright from Indigo Greens estate agents said that this was due to the end of the Stamp Duty Holiday in September.

He explained that as people were looking to benefit from the tax saving, it sped up the moving process for those who would likely have been looking to move now rather than last summer, meaning there were then less properties on the market in the New Year.

York Press: Simon Cartwright and Emma Brownbridge of Indigo Greens estate agentsSimon Cartwright and Emma Brownbridge of Indigo Greens estate agents

Simon Cartwright, managing director Indigo Greens estate agents in York, said: "The slight drop in price will only be as a result of a winter market and coming off the back of the Stamp Duty holiday and was only a very slight correctioning of the market.

"It doesn’t appear to be a continuing trend and since the turn of the year we have seen further increases in house prices with a 1.2 per cent increase in Yorkshire and the Humber in the month of March which is a 12.4 per cent rise year on year."

First time buyers paid £25,000 more than a year ago, £50,000 more than in January 2017, while former home-owners paid 33.8 per cent more than first timers.

However it was detached home owners that fared the worst, as values dropped by 0.5 per cent on average, though the prices rose by 14.5 per cent over the last year.

York buyers paid 55.9 per cent more than the average Yorkshire house price in January.

However the most expensive properties in the county were in Harrogate, which were five per cent more than in York at £319,000 on average.