Published: 02/06/2021At Dwell, we know what Leeds and surrounding areas has to offer. Therefore, we are not surprised to learn there has been an increased in buyer demand for the heart of Leeds.
As we move into the summer of 2021, there is a greater sense of optimism surrounding what is coming next, and this has helped many first-time buyers and young households to consider making their move in the marketplace.
There is no denying the UK housing market has been extremely busy for close to a year now. The introduction of the stamp duty holiday ignited demand, but many people felt this scheme was better placed to assist existing homeowners, and people looking to move to a larger home.
First-time buyers are back in the marketNow, with the stamp duty holiday scheme tailing off, market activity is boosted by first-time buyers returning to the market.
This has been seen in an increase in buyer demand in many leading cities, areas which industry experts said were less appealing in the current environment.
Leeds has a great deal to offerAs we have seen in speaking with prospective buyers in Leeds, this isn’t the case. There is still a lot to like and love about city centre living, especially for young people making their first foray into the world of property ownership.
Hopefully, if the move out of lockdown continues without difficulties, the demand for property in Leeds will increase further.
You can compare the percentage increase in buyer demand in Leeds between January and April 2021 with other major cities and areas, according to Rightmove, below:
- Leeds, 39%
- Birmingham, 39%
- Inner London, 30%
- Oxford, 28%
- Glasgow, 28%
- Liverpool, 28%
- Chester, 24%
- Edinburgh, 23%
- Hull, 22%
- Durham, 17%
- Cardiff, 11%
- Manchester, 11%
- Bristol, 5%
Similarly, the demand for remote working space is crucial, which means many households are looking for property with an additional bedroom. For the short to medium term, this space would be used as a home office, although in the longer-term, there might be more flexibility as to how this space is utilised.
Will the 95% mortgage guarantee scheme be of interest?
Another issue that interests many would-be buyers at the moment is the mortgage guarantee scheme. Rightmove have spoken with more than 1,000 first-time buyers, and it appears 17% plan to use the scheme, or are already using it.
The same study reiterates that first-time buyers are more drawn to cities, than rural areas. Only 10% of first-time buyers expressed an interest in moving to the countryside or coast.
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.