Is the Leeds property market a good investment for your money? You may be asking yourself this question if you're considering buying a home recently. This blog post will take a closer look at house prices and how they've changed over the years. We'll also provide an overview of the current state of the Leeds property market so that you can make an informed decision about whether or not to invest in property here.
At Dwell, we are ideally placed to help you decide about the Leeds property market. We have helped countless people, households, landlords, tenants and property investors make the right move in and around Leeds. We are here for you if you are looking for relevant information regarding Leeds house prices and the most comprehensive Leeds property market guide.
House Prices In Leeds
If you are happy to look at the figures from the three leading property portals in the country, the average price of property in Leeds stands between £236,713 and £265,000.
According to Rightmove, house prices in Leeds are as follows;
"Properties in Leeds had an overall average price of £236,713 over the last year.
The majority of sales in Leeds during the last year were semi-detached properties, selling for an average price of £236,627. Terraced properties sold for an average of £197,353, with flats fetching £158,536.
Overall, sold prices in Leeds over the last year were 5% up on the previous year and 21% up on the 2019 peak of £196,290."
Zoopla states the average price of property in Leeds stands at £254,132, a figure slightly higher than the Rightmove figure. On The Market has an even higher figure for Leeds property, saying the average house price in Leeds is £265,000.
Are house prices in Leeds going up?
While anecdotal evidence is all we need to know that house prices in Leeds are going up, there is considerable evidence from trusted sources in the UK housing market. The leading authority on sales prices indicates that Leeds house prices have risen by more than 55% in the past ten years.
According to the Office for National Statistics (ONS) (with information relating to March 2022, released in May 2022), house prices in Leeds are £226,876. This is a lower figure than the numbers provided by the leading property portals.
- According to the ONS, in the year to March 2022, house prices in the UK increased by 9.8% over the previous year. At the same time, the average UK house price rose to £278,000, a record figure.
- In March 2021, average house prices here stood at £183,188. This represents an increase of 8.96% in the past 12 months.
- In March 2017, the average house price in Leeds stood at £149,660. In the past five years, property prices have risen by 33.37%.
- In March 20122, average house prices stood at £128,570. This represents an increase of 55.25% in the past decade.
Are house prices rising in West Yorkshire?
According to the Office for National Statistics (ONS) (with information relating to March 2022, released in May 2022), house prices in West Yorkshire are £193,479. This is a lower figure than the numbers provided by the leading property portals.
- In March 2021, average house prices here stood at £177,910. This represents an increase of 8.75% in the past 12 months.
- In March 2017, the average house price in West Yorkshire stood at £145,069. In the past five years, property prices have risen by 33.37%.
- In March 2012, average house prices stood at £123,934. This represents an increase of 56.11% in the past decade.
It shouldn't be a surprise to see that the Leeds and West Yorkshire property prices have increased at nearly the same rate over the past decade. Both areas have experienced a more than 55% price rise in the past ten years.
However, there has been a widening gap between Leeds and West Yorkshire prices in the past decade. This is likely to continue, but of course, this is down to some areas of Leeds having more expensive properties significantly for sale.
Where are the more expensive areas to buy in Leeds?
There are many pockets of Leeds which are expensive places to live. These areas, such as Roundhay, Alwoodley, and Horsforth, which far exceed local average property prices.
Roundhay is one of the most affluent areas of Leeds and has an average house price that is nearly double that of the city. The average price of a property in Roundhay is £338,368, although this represents a fall of 4% on the 2021 figure.
In Alwoodley, the average property price stands at £394,564, and property prices have risen in the past 12 months. According to Rightmove, sold prices have increased by 12% in the past year alone!
For Horsforth, the average price of the property stands at £331,105, increasing 10% in the past year.
Where are the most expensive places to buy property near Leeds?
There are many affluent areas in, and some of the most expensive places to live include Collingham and Ilkley.
With an average property price standing at £612,289, house prices in Collingham are well on the way to being three times the Leeds average! According to Rightmove, house prices in this part of the country have risen by 10% in the past 12 months.
Where are the more affordable areas to buy in Leeds?
Leeds isn't just an expensive place to live; there are plenty more affordable areas. The following areas all have an average price of less than £200,000, making them attractive to many property buyers in Leeds.
- LS2 postcode area - part of Leeds City centre with an average price of £138,950, which represents a fall of 10% on the previous year
- LS10 postcode area - Hunslet has an average price of £142,215, and these prices are 12% down on the past year
- LS12 postcode area - Armley has an average price of £149,054, representing an increase of 8% in the past year
While all these locations have an average property price of less than £200,000, it is interesting to acknowledge the movement variance.
When industry experts review the market, they view it as a whole. Yes, the average price of property is rising across the country, but many areas stand apart from that trend. If you want tailored guidance from local estate agents who understand what is happening in the areas you care about, you need to call on Dwell.
Should A Property Investor Buy In Leeds?
There are many reasons to invest in Leeds. As one of the leading cities in the UK, it offers a wealth of opportunities for property investors. The city is home to a growing population and has substantial economic prospects. It is also well connected, with good transport links to other parts of the country.
The Leeds property market has seen significant growth in recent years. House prices have increased by 9.8% in the past 12 months. The average price of a home in Leeds is now £236,713.
The growth in house prices has been driven by several factors, including population growth, strong economic prospects, and the development of new housing.
The Leeds property market is expected to grow in the coming years. This is due to many factors, including:
- Population growth,
- Strong economic prospects, driven by the financial and professional services sectors and the development of new housing.
- Leeds is home to the second-largest financial services sector outside of London
- The city has seen significant population growth,
- Lively culture and a strong economy
- Excellent value for money compared to other major cities in the UK. This is particularly true when you consider the housing quality on offer and the potential for rental yields.
- In addition, property prices in Leeds are relatively affordable compared to other major UK.
- With nearly 800,000 people, Leeds is already the third-largest city in the UK
Figures from the Office for National Statistics indicate Leeds is amongst the fastest-growing cities in the UK. The population of Leeds grew by 1.8% in 2019, which is more than double the national average. This trend looks to continue, with experts predicting that Leeds will be home to one million people by 2030.
What is the student population like in Leeds?
A backbone of many rental markets is a vibrant student population. Leeds is a thriving area of education, making it an attractive location for students, employers and property investors.
Leeds is a hugely popular destination for students, with more than 60,000 students attending universities. There are three universities in Leeds - the University of Leeds, Leeds Beckett University and the University of York. In addition, there are several colleges and other educational institutions in the city.
Students are drawn to Leeds by its lively culture and a strong economy. The city has a massive range of bars, restaurants, shops, and a thriving nightlife scene. Leeds is also home to some major employers, making it a great place to start your career.
There is a high demand for student accommodation in Leeds, driven by the city's large student population. In addition, Leeds has many purpose-built student accommodation developments, which offer high-quality properties at competitive prices.
If you're thinking of investing in property in Leeds, student accommodation is worth considering. There is a strong demand for rental properties from students, and purpose-built developments offer excellent value for money.
When should I invest in the Leeds property market?
Now is a great time to invest in property in Leeds. The city offers tremendous value for money, and there is enormous potential for capital growth in the years ahead.
If you're thinking of buying a property in Leeds, Dwell can help. We are a team of local estate agents who understand the Leeds property market. We can provide you with tailored guidance and support throughout buying your new home.
Key points about Leeds for property investors
If you need some quick key points to consider about Leeds, and the property market, please take these points on board:
- Property values have increased by an average of 55% in the past 10 years
- here is a large and growing population in Leeds (currently at around 795,000 people)
- The economy of Leeds is strong, with a growing number of businesses setting up in the city
- Leeds has excellent transport links, making it easy to get to other parts of the country
- The city has a lot to offer in terms of culture, nightlife and shopping, making it an attractive place to live for many people
As you can see, there are many factors that have contributed to demand for homes and rising house prices in Leeds. This is likely to continue, but of course, there are many external challenges impacting the UK housing market.
Predictions for the Leeds housing market
Even though rising interest rates and a feeling of “how long can this continue” permeates throughout the housing market right now, many industry experts expect property prices to continue rising.
No matter the vast array of factors, when demand outstrips supply, house prices likely rise. There is still significant demand for Leeds property, and this is why so many local property market observers expect Leeds house prices to continue rising.
There will be outliers and fluctuations, but an overall increase of between 2% and 5% is the typical response when asked about what happens next in the Leeds housing market.
Stay informed as to what happens with the Leeds housing market
If you are thinking of buying a property in Leeds, getting expert advice from local estate agents is crucial to ensure you are getting the best possible deal. At Dwell, we have a team of experienced and knowledgeable estate agents who can help you find your perfect property in Leeds.
We will work with you to understand your budget and requirements, and we will use our extensive knowledge of the Leeds property market to help you find a property that meets your needs. Contact us today to get started.
Contact Dwell for property marketing information in Leeds
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.