These days, the Leeds housing market is a hot topic. It’s hardly surprising that the housing sector is flourishing given the city’s dynamic city centre, robust business, and great transit options. There are some interesting prospects regarding the housing market in Leeds that you should be aware of if you’re considering buying or selling property. Looking for letting agents in Leeds, Leaders is one of the UK’s premier estate agents, with more than 100 branches across the country offering a host of property services.
We’ll look at the top five fascinating facts regarding the Leeds property market:
1. The cost of homes is less than the national average
The average price of a home in the UK as of December 2016 was £219,554. This high figure is, rather shockingly, far more than the average price of a home in Leeds for the previous 12 months.
A Leeds property’s average market value during the last year was £203,825, which is more than £15k less than the UK average. While affluent districts like Wetherby and Harrogate have an impact on that figure, low-value sections of Leeds, especially those south of the river, balance it out. Nevertheless, Leeds’ average home worth is far more than that of its nearby rival Manchester, which is just £171,957 on average.
2. High rental demand
For many, Leeds is a city of students. It also means that savvy purchasers may profit by renting their properties to students, which implies a continual flow of employment and wealth for the city. There is always a high demand for student accommodation since places like Hyde Park and Headingley are so well-liked by the student community.
When combined with the affordable real estate prices in and around Hyde Park, 4-bed houses to rent normally bring in roughly £1,137 per month, making Leeds a desirable place to buy a rental property.
3. Leeds is home to some of the UK’s most expensive streets
Leeds has a diversified property market, yet it also has some of the most expensive streets in the UK. The most expensive street in Leeds is Roundhay, where the typical property costs more than £1.5 million, according to a recent Zoopla analysis. Other costly streets in the city include Wigton Lane in Alwoodley and Ling Lane in Scarcroft, where the average property price is £1.2 million.
4. Steady growth in property values
Over the past year, property values in Leeds have increased steadily, gaining 5.14%, with a total value rise of £9,666 for the average property. The 5-year total reveals that property prices have increased by 23.75%, which is a value shift of more than £39,000, which is a significant growth for a city in the North. These figures show that generally speaking, Leeds is a secure place to invest in because of the ongoing renovation of numerous districts inside and outside the city core.
5. The market is dominated by cheaper housing
Leeds cheap housing stock, like with other cities, dominates the market. According to statistics, 27% of all properties in the city are priced between £100k and £150k, while over 50% of the market is made up of homes priced between £100k and £200k.
The property market in Leeds is a vibrant and diversified area that has a variety of prospects for investors, tenants, and buyers alike. The city is well-positioned for future growth and prosperity with its expanding population of young professionals, robust rental market, and ambitious renovation plans. Leeds has plenty to offer everyone, whether you’re searching for a large family house in the outskirts or a contemporary flat in the middle of the city.
