HOUSE prices in York fell by more than the average across Yorkshire in November, new figures show.

The average York house price in November 2022 was £324,110, Land Registry figures show, a 1.4 per cent drop on October that year.

Meanwhile, the average drop in prices across Yorkshire was 0.7 per cent, with homes costing £212,329 on average, and 0.3 per cent across the UK as a whole.

The average UK house price fell to £295,000 in November, from October's record high of £296,000.

However, the November drop does not reverse a long-term trend, which has seen property prices in York grow by 10 per cent over the last year - an increase of £29,000.

Ben Hudson, director of Hudson Moody estate agents, in Micklegate, said: "I think it is the reaction to the mini-budget and interest rates rising.

"York saw one of the largest increases in the country last year and the ‘froth ‘ came off the market, which perhaps other areas in Yorkshire didn’t see quite so much of during the boom.

"We have however seen interest pick up as we have gone into the new year and with mortgage rates now peaking as high as predicted sales seem to be returning."

Owners of flats saw the biggest fall in prices in York - they dropped by 1.6 per cent in price to an average £194,854 - although over the last year, prices rose by 6.7 per cent over all.

First-time buyers in York spent an average of £276,000  – £25,000 more than a year ago, and £66,000 more than in November 2017.

Mr Hudson has previously told The Press: "York is highly desirable due to history, architecture, schools and universities, with excellent links to London and Edinburgh.

"Property has always been highly sought after due to the lack of supply of properties.

"There has been very little new building over the last few decades and simple supply and demand economics means that prices have continued to rise.

"If you look back to previous downturns York has always fared very well."

Highest annual growth in Yorkshire was in Leeds, where property prices increased on average by 14.9 per cent, to £247,000, while properties in Ryedale gained seven per cent in value, giving an average price of £312,000.

However, the most expensive Yorkshire properties were in Harrogate, at £341,000 on average, five per cent more than York, whereas Hull properties were the cheapest at £139,000 on average.