Yorkshire leads house price fall

Property prices are coming off the boil

House prices in Yorkshire have cooled faster than in other parts of the country, a survey shows.

The slowdown in the past four weeks came after a rise in interest rates helped rein in autumn buying, according to research by property website Rightmove.co.uk.

Asking prices in the region have slumped 4.4% since its last survey on 20 October - the heaviest fall of any region in the UK.

Prices fell by just 0.1% on average around the country as housebuyers reflected on the potential impact of a 0.25% rise in base rates on their mortgages.

Seasonal slump

But Miles Shipside, commercial director of Rightmove, said that many of the factors that drove house prices to an 18-month high in October remain.

A shortage of properties worsened during November, with more than 47,000 homes coming off the market than coming on - a 25% rise in just two months.

"At the same time there will be fewer people actively looking over the next month as buying Christmas presents will take precedence over buying houses," Mr Shipside said.

While prices in Yorkshire fell, the market in London remained buoyant with prices rising 1.1%, taking the average cost of a house in the capital to £265,794.

Monthly inflation rates were even higher in western regions with Wales at 4.4%, the West Midlands up 1.9%, and the North West rising 1.1%.