Published: 04/10/2019The last house price boom really was something. It created property millionaires, TV celebrities, accidental landlords, an explosion of PropTech companies and one or two red-faces in its aftermath. In 2007, the hottest year, the price of the average UK home rose by £15,900. Leeds felt the effect as well, by prices rising by 4.1 per cent or £9,600 in that year alone.
We all know things came to a sudden halt in 2008 with the credit crunch, when the availability of mortgage finance evaporated seemingly overnight. Since then the national market has made something of a come back with prices rising more steadily and sales volumes sitting broadly halfway between their highest and lowest point in the period 2000 to 2007.
But does the data suggest our area is about to see a house price boom? The numbers show that sales volumes have been a bit slow, as they always are at this point of the housing market cycle, but quieter periods always precede booms. Mortgage lending remains buoyant, and house building levels are not disrupting the balance of supply and demand.
More importantly, however, is the growing appeal of Leeds. It seems every month we’re seeing more and more people looking for their perfect new home. With demand growing, it seems to us like the next market cycle could be something quite special for those who make their move now. If you’d like to know more about buying or selling in our area, please don’t hesitate to give us a call.
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