Published: 13/09/2021When it comes to making an informed decision in the housing market, it is essential you have facts and figures to help you out. However, you need to ensure you are using the correct facts and figures for your area.
At Dwell, we know Leeds is a fantastic place to live, rent or let, but we also know that this many things to different people. Not just in an emotional or spiritual, but with respect to how and where to define Leeds!
How is the Leeds housing market faring?
According to Rightmove, as of the end of August 2021, house prices in Leeds, West Yorkshire are as follows:
“Properties in Leeds had an overall average price of £230,845 over the last year.
The majority of sales in Leeds during the last year were semi-detached properties, selling for an average price of £242,259. Terraced properties sold for an average of £163,949, with flats fetching £159,478.
Overall, sold prices in Leeds over the last year were 13% up on the previous year and 22% up on the 2018 peak of £188,559.”
For Leeds city centre, the same source states house prices are as follows;
“Properties in Leeds City Centre had an overall average price of £182,683 over the last year.
The majority of sales in Leeds City Centre during the last year were flats, selling for an average price of £183,325. Terraced properties sold for an average of £167,397, with semi-detached properties fetching £145,750.
Overall, sold prices in Leeds City Centre over the last year were similar to the previous year and 15% up on the 2007 peak of £159,322.”
The contrast between these two areas with respect to change in house prices over the year is worth noting. The price, and movement in the past 12 months, as suggested by Rightmove for Leeds as a whole is closer to the Land Registry figures, while the Leeds city centre figures tell a different story.
It is no surprise that many people find the housing market overwhelming, especially when there is so much confusing information to consider. If you are looking for guidance in any aspect of the Leeds property or rental market, whether that’s Leeds as a whole or the heart of the city centre, we are here to assist you.
Land Registry figures say Leeds is on the rise
Land Registry figures are the best source of information for house prices, but even then, there are some limitations. This information usually runs a few months behind, so while it is more dependable than many figures you see in the housing market, it doesn’t provide you with insight into what is happening now.
However, when you take a slightly more long-term approach, you cannot fail to be impressed by what is happening in Leeds.
Land Registry figures suggest the price of property in Leeds in June 2021 was £212,942.68. This represents a rise of 1.9% on the May 2021 figures, but it is a rise of £25,000 in a single year.
With the same source citing the average cost of property in the UK as £266,000; the average price in Leeds comes in below the national average. Obviously, the London market skews overall figures, but when you consider what Leeds has to offer, it is easy to why prospective homeowners, landlords and investors are looking to the city.
An opportunity for landlords
With rising property prices, it is easy to see vendors have the chance to enjoy the sales process, but if they also have to buy a home, things are different. A recent study, undertaken by a respected source in the property market claims that up to 117,500 vendors have decided to rent property this year before purchasing their next home.
Aneisha Beveridge is a familiar face when it comes to TV analysis of the housing market, and she said; “With many sellers facing pressure from their buyer to move as they struggle to find their next home, rising numbers of homeowners are breaking their chain and renting instead. While moving into a rented home to beat the end of a stamp duty holiday is not new, it is increasingly being used as a stop-gap by house-hunters faced with a lack of stock to buy. Renting before buying has also been driven by house hunters making more long-distance moves. With growing numbers looking to live in areas they know less well, many more are trying before they buy. While moving into a rented home to get to know an area often isn’t people’s preferred option, it’s nearly always more cost-effective than buying the wrong house in the wrong street.”
Therefore, landlords should also consider the impact of households looking for shorter-term solutions in the rental market.
This isn’t something that appeals to every landlord, but if you are looking for more options, it might be of interest. As always, we are more than happy to discuss this matter, or any property or rental market issue, with you.
We're an independent Estate & Letting Agents based in Leeds. We pride ourselves on high quality service and expert local knowledge delivered through focused, passionate, and well-trained staff. Our Team are residential property specialists with an intimate and unique in-depth understanding of our local market. Call us on 0113 246 4860.