Published by: ARWith so much focus on the housing market, it is pleasing to see Leeds doing well. At Dwell, we care about the local market, and the local community. We pay close attention to what is happening on our doorstep, and nationally.
Zoopla states, according to their House Price Index, buyer demand is 27.5% higher in the current year to date than it was in 2020. However, the low level of supply is an issue, and the number of new homes coming to the market has fallen by 6.1% when compared with the 2020 figures.
Are house prices slowing?
For March 2021, house prices in the UK rose by 4% over the past 12 months. For the past five months, house prices have increased by this rate, or higher.
Grainne Gilmore, head of research, at Zoopla, explains: “The fundamental imbalance will remain. Demand will remain strong as the ‘search for space’ among homeowners has further to run, especially as some office-based businesses are now confirming how their working practices will change in the longer-term. More flexible working arrangements open up new opportunities for homeowners to move to a further-flung location. At the same time, the roll-out of the 95% mortgage guarantee will mean more demand from first-time buyers, fuelling demand without replenishing supply.”
Leeds performing well
In the most recent Cities House Price Index, by Zoopla, Leeds is yet again one of the areas experiencing the strongest level of house price growth. According to this report, the UK average property price, which according to Zoopla, stands at £227,100
The level of annual house price growth for Leeds comes in at 5.4%, at least according to the Cities House Price Index.
Always check a range of sources
This is an example that there are many reports and figures to consider in the housing market, and we are pleased to say we have seen figures for Leeds which are more impressive than this, albeit still impressive, growth figure.
As a Leeds-focused estate agent, we pay attention to what people say about the area, and we have witnessed recent reports of a 9% growth in the area.
Also, according to this study, the average price of property in Leeds is £179,100; which is a very affordable level when compared to the national figure. If you consider the average price of property in Leeds according to Rightmove, as of May 2021, you see; “Properties in Leeds had an overall average price of £223,702 over the last year.”
As local agents, we look beyond the average
It is also important to remember that these reported figures are average figures, and there is always scope to positively impact the value of your home. If you are looking for ways to boost the value of your property, or just feel more confident about entering the property market again, get in touch and we can help.
Returning to investors and why they consider Leeds, the consistency of the area is a massive factor that grabs attention. Even before Leeds was in the top three, it was a regular feature in the top five. This indicates Leeds is benefiting from sustained growth, which is a critical factor.
At times, a city or area will receive a boost in the short-term, but that doesn’t excite investors. However, when the city, as is the case with Leeds, constantly scores well with respect to growth, investors feel more confident about buying property in this area.
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.