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Leeds Property Market Improved by 25.7% Over Pre-Pandemic Levels - has there ever been a better time for Leeds home sellers?
The Leeds property market, for people looking to sell, is at its sturdiest for at least the last five years with home buyers jumping onto the Leeds property ladder with abandon.
Leeds house prices are anticipated to rise throughout 2021 after the Stamp Duty cut (and subsequent extension until the summer/autumn) and the newly revealed 95% mortgages for Leeds first-time buyers (and Leeds homeowners with minimal equity).
In addition, the continued low interest rates and the demand for larger homes because of lockdown, means the Leeds property market should remain bullish for a while. There is a surge in potential buyers putting themselves on mailing lists with Leeds estate agents, making the biggest disparity between supply and demand for Leeds property for many years.
Fears of a cliff edge for the Leeds housing market at the end of March have dispersed, somewhat due to the Stamp Duty tax deadline extensions, but also because the elevated level of buyer demand caused by the three lockdowns has continued to swell since the start of 2021 meaning that today...
70% of Leeds properties on the market are Sold (STC)
Interesting, when utilising data from theadvisory.co.uk website, the Leeds average for the last five years has only been 56%, meaning there has been an uplift of 25.7% in the proportion of Leeds properties sold (STC) compared to that five year average.
Yet what can’t be forgotten is that 9 out of 20 Leeds house sellers are also Leeds house buyers as well, so whilst they do indeed achieve a higher price for their Leeds property, they also have to pay more for the Leeds property they want to buy.
So, how much will Leeds house prices rise by?
Like all things in life, it’s all about demand and supply. I have discussed the demand, yet what about the supply of properties for sale?
There are 49% fewer Leeds properties for sale today compared to 6 years ago
Whilst February saw a lower than normal level of new properties coming onto to the Leeds property market, the easing of lockdown road map and faster rollout of the vaccine is also persuading more Leeds homeowners (especially those older Leeds homeowners who have had their jabs) to start making the first steps towards moving home in 2021.
This will mean there will be more Leeds properties available for sale in the conventionally busier post Easter market in the coming weeks and months which should cause more equilibrium and help keep Leeds property prices in check.
These are interesting times for the Leeds property market. If you are a Leeds homeowner or Leeds landlord looking to buy or let your Leeds property in the coming weeks or months, don’t hesitate to drop me a line to discuss what all the points raised in this article mean to you.Back to news