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Leeds Classed As Highly Affordable For First-Time Buyers

Published: 01/09/2021 By AR

With the stamp duty holiday now in a tapering off period, it is likely the housing market will settle down. In the past year, there has been a considerable amount of activity, with many existing homeowners taking the opportunity to move to a new home.

Many observers have thought the stamp duty holiday wasn’t of significant benefit to first-time buyers. Therefore, now that the market is settling down, it is likely that first-time buyers will become more prominent once again in the property market.

More help is available for first-time buyers

With the Governments First Home scheme now available, there has been analysis of the market, and one online mortgage broker has named Leeds as one of the most affordable locations in England for first-time buyers.

Mojo Mortgages have reviewed the scheme, with factors including:
  • Property prices
  • Average annual salary
  • Average monthly take home pay
It was found that first-time property buyers in Leeds spend 22.61% of their salary on mortgage repayments, placing the city amongst the most affordable areas for these buyers.

The average price of houses for sale in Leeds was pegged at £238,198 and the average annual salary was calculated as £29,884.

If you are interested in making a move in the Leeds property market, be sure to contact us, and we will be more than happy to assist you.

Leading property portal believes this is a good period for first-time buyers

Tim Bannister, Rightmove’s Director of Property Data, said; “Navigating a busy market can be daunting for buyers, especially if they’re looking to get onto the property ladder for the first time. However, the latest data might suggest an opportunity for some first-time buyers, with average asking prices for flats currently up by 1%, which is significantly less than the price increases we’ve seen for other property types. In the first few months of the housing markets reopening across Great Britain last year flats were temporarily out of favour as people sought bigger homes with more space further out, but we’re now seeing this trend start to shift back again.”

Tim Bannister also said; “This means it could be a good time for those first-time buyers who would like to buy a flat to see what’s available before prices start to rise further, as the majority will benefit from being exempt from stamp duty and, although activity is increasing, there’s still less competition among buyers for flats than for houses right now.”

Tim Bannister concluded by saying; “The sharp rise in average asking prices for detached homes probably comes as no surprise to those who have been following the rush for room that emerged when the market reopened, and with available stock still limited and strong demand continuing, we’re unlikely to see prices fall for this property type anytime soon.”

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