Estate & Letting Agents in Leeds

Speed is important in many things in life, but when it comes to the housing market, time is of the essence. This is the case at the best of times, but when you consider the stamp duty holiday deadline, buyers are keen to conclude deals as quickly as possible.

A recent study by Zoopla, utilising information from their House Price Index, indicates homes in the Yorkshire and the Humber region, as well as homes in the north-east of England, are selling fastest.

Sales are agreed, on average, in just 38 days in these regions.

What property are buyers looking for?

Given many buyers are looking for additional space, it should be no surprise that family homes are in significant demand. In the week following the Budget, demand for three-bedroom properties rose by 30%, according to Zoopla.

This increase in demand for homes has seen house prices rise in many areas. The value of houses has risen by an average of 4.9% in the past year, while the value of flats has only risen by 1.9%.

Will extended stamp duty holiday help?

With the stamp duty holiday experiencing a tapering-off period to the end of the September, some buyers will receive additional support in buying a home.

The nil band rate will be set at £250,000 for home sales between July and the end of September. More than two-thirds of homes listed for sale in Yorkshire and the Humber, the north west of England and the north east of England fall below this price threshold.

According to Rightmove, the property market in LS16, as of mid-April, can be described as such:

“Properties in LS16 had an overall average price of £348,921 over the last year.
The majority of sales in LS16 during the last year were semi-detached properties, selling for an average price of £296,385. Detached properties sold for an average of £529,098, with flats fetching £167,347.
Overall, sold prices in LS16 over the last year were 14% up on the previous year and 11% up on the 2018 peak of £315,291.”

For the LS13 postcode area, Rightmove says the following;

“Properties in LS13 had an overall average price of £164,579 over the last year.
The majority of sales in LS13 during the last year were terraced properties, selling for an average price of £153,836. Semi-detached properties sold for an average of £170,670, with flats fetching £104,228.
Overall, sold prices in LS13 over the last year were 3% up on the previous year and 9% up on the 2018 peak of £151,018.”

Going by the average prices, buyers in LS13 will benefit from the extended stamp duty holiday, which runs until the end of September, while buyers in the LS16 postcode area will receive no benefit.

Tim Bannister, Rightmove’s Director of Property Data, comments: “Suburbs are also faring well as some people move further out from the centre of cities. Both sale and rental properties in city centres have been suffering over the past year as the usual appeal to live there has temporarily been taken away, leading to more stock than usual being available, but we may see these start to shift more quickly over the next few months as lockdown restrictions continue to be removed.”

Tim Bannister continued by saying; “In a traditional year there would be a couple of record days for visits or enquiries being sent by home-hunters, but the pace of the current market caused by a combination of restrictions easing, a desire for more space and people considering different locations, has led to records tumbling week after week.”

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.

With the new Government scheme of Help to Buy (H2B) now in place, many people are interested in the impact of the scheme, and whether it will help the people who need the most assistance.

While you will have industry observers looking on with greater interest, it will be prospective buyers who show most interest. There are many households keen to step on the property ladder, but who are unsure about their finances.

If the H2B scheme is shown to genuinely assist people in buying property, more buyers will be active in the market. This outcome is also positive news for vendors, as it should provide them with greater confidence in connecting with likely buyers.

Do you need help to buy property?

A recent study of the Help to Buy stock which have already been sold subject to contract (SSTC) or listed as being “under offer” suggests there is movement in the market. The study looked at 25 leading cities in the UK, and it appears as though one third of the listed H2B properties have been snapped up by buyers.

The study suggests Bristol leads the way, with 60% of available properties claimed by prospective buyers. Other places that are performing well include Portsmouth, Swansea and Oxford, all of which have seen around half of the available properties taken by buyers.

There is demand for property in Leeds

Of course, at Dwell, we are most interested in what is happening in Leeds. The city is firmly in place in the top ten locations for H2B properties. 35% of all available property have been snapped up by buyers.

Leeds is performing stronger than areas such as Manchester, Liverpool and London, all of which have a demand of 29% in this market.

Marc von Grundherr spoke about the study, saying; “While the stamp duty holiday has been a great way of boosting market health during a very tough period, further fuelling demand has only helped push house prices further out of reach for many first-time buyers. This has made the aspiration of homeownership all the harder and it’s clear that many are reliant on a leg up via the Help to Buy scheme as a result, with high demand for homes that qualify in cities all over the UK.”

Marc concluded by saying; “Of course, it’s fair to say that Help to Buy in its various forms has also helped drive demand with homebuyers purchasing property that they would otherwise have been unable to afford. So perhaps instead of introducing yet another demand-based initiative to artificially inflate house prices, it’s time the Government really start looking at building more houses if they do wish to ‘help those that need it most’.”

There is no denying there is demand from property buyers in Leeds, for H2B properties; and houses in general. If you are looking to connect with buyers in the local area, we are the agents who help you achieve your goals.

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.

The pandemic, and associated lockdowns, have caused problems and opportunities for landlords. With many households facing financial difficulty, it would be wrong to suggest that this has been anything other than a worrying time for all concerned.

However, many people have re-evaluated their property needs over the past year. Some tenants have decided they must own property, but other tenants have decided to find a bigger or better rental property.

There has been a movement in the rental market, and this will continue to be the case. It also appears as though there are fewer rental options for tenants, which creates an opportunity for landlords.

A change in landlord behaviour in past 12 months

Since the beginning of the pandemic, 300,000 fewer properties were placed on the rental market than in the preceding 12 months.

Except for the capital, the number of rental properties on the market dropped by double-digit percentages compared to the same time last year.

For February 2021, there were 16% fewer properties available for rent in British cities than for February 2020. The figure dropped by 28% for towns, and for country locations, the drop-off was 52%.

However, rental property demand also changed in city areas, with prospective tenant numbers falling by 10%. In the countryside, the numbers remained consistent.

In the short-term, the drop in rental homes on the market has helped landlords achieve higher rental fees. The study carried out by a leading name in the property industry suggests at least 50% of landlords managed to secure a higher rental fee than before.

Landlords can grasp an opportunity

This proportion stands at the highest proportion since 2016, so there is a slight cause for optimism amongst landlords right now.

Aneisha Beveridge is a well-known name in property market research in the UK, and she spoke on this topic, saying; “Tenants are now faced with significantly less choice, which in turn is pushing up rents. And with many landlords having multiple offers on the table, half of investors have been able to increase the rent they charge.”

Aneisha continued by saying; “Rental stock levels have also been hit with the onset of the pandemic causing investors to hold back.  This has been compounded by emergency legislation which saw landlords having to extend a tenant’s notice period to a minimum of six months, reducing turnover further.  At the same time, many renters who were looking to buy had to put their plans on ice and continue renting, as banks sought larger deposits for house purchases.”

Aneisha concluded by saying; “However, there are signs that this could change.  Over the last five months, and in an effort to beat the original stamp duty deadline of the end of March, landlord purchases started to rise, which will add to stock levels when these homes complete.”

If you are a Leeds landlord who has recently bought property with the intention of letting it out, we would love to hear from you. There is considerable demand for rental property in, out and across Leeds. We have a strong track record in connecting landlords with tenants, and we look forward to assisting you as best we can.

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.