HOUSE prices increased by 1.9 per cent in Craven in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 20.4 per cent over the last year, the highest in Yorkshire and the Humber.

The average Craven house price in September was £288,473, Land Registry figures show, which equates to a 1.9 increase on August.

Over the month, the picture was different to that across Yorkshire and the Humber, where prices remained static, and Craven was above the UK as a whole, where prices did not change.

Over the last year, the average sale price of property in Craven rose by £49,000 putting the area top among Yorkshire and the Humber’s 21 local authorities with price data for annual growth.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatility in the mortgage market and saw interest rates on new agreements soar.

The effects on the mini-budget announced today will be monitored over the coming weeks.

In September, first-time buyers in Craven spent an average of £247,000 on their property - £41,000 more than a year ago, and £66,000 more than in September 2017.

By comparison, former owner-occupiers paid £308,000 on average in September - 24.8 per cent more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Craven in September where they increased 2.3 per cent, to £482,499 on average. Over the last year, prices rose by 22.3 per cent.

Other property types show semi-detached: up 2 per cent monthly; up 20.5 per cent annually; £310,386 average. Terraced: up 1.8 per cent monthly; up 19.7 per cent annually; £234,251 average. Flats: up 0.8 per cent monthly; up 17.9 per cent annually; £190,679 average.

Buyers paid 35.7 per cent more than the average price in Yorkshire and the Humber (£213,000) in September for a property in Craven.

Average property price in September: Craven: £288,473; Yorkshire and the Humber: £212,593; UK: £294,559.