01 Feb Leeds Property Market 2019
The housing market in Leeds seems to be outperforming the capital with sales still on the rise & prices reluctant to drop and we have taken an in-depth look at the Leeds Property Market 2019.
Leeds House Prices
The average house price in Leeds is currently at a fraction over £215’000 and the average sale price is £208’000. These figures are 0.69% up over the last twelve months. Those may not seem like mouthwatering figures, but when you see that the London average house price has fallen 0.42% over the past year, then it doesn’t seem too bad. Areas like Mayfair have seen falls of close to 5%. According to the bank UBS, we have seen 39% of those on the market in London have been left with no option other than to reduce the price of their propert. What happens in the capital tends to have a ripple effect across the rest of the country. So with the rise of the Leeds property market prices soon come to a halt?
Leeds Best Performing Areas
As the Leeds prices are on the up which are the areas that are propping up the capital of the North? LS14 as a whole (including Scarcroft, Seacroft and Whinmoor) have seen values rise over 40%. Other areas like the city centre (LS1) and Whetherby (LS22) have also had significant increases in values.
Leeds Worst Performing Areas
The area which saw the biggest drop in prices was LS12, in Armley. We saw prices fall 27 per cent from £128,250 to £92,995. Maybe, not the best place to put your money at this moment in time.
Channel 4 Leeds Business Boom
As of October 2018, we heard that the business giant Channel 4 have decided to move their business head office to Leeds bringing 200 of its staff with it. Leeds pipped other big cities to the post including Manchester and Birmingham. Good news for those looking to sell house fast in Leeds as you will have some new buyers entering the market.
Leeds Untied Promotion?
Leeds United are currently flying high with 57 points and sat at the top of the championship table. With a potential 6 point game scheduled against second-place Norwich City, Leeds could see their fight to the top flight of football that one step closer. After the 15 year absence from the Premiership, what would that mean to the city of Leeds and the Quick House Sale Leeds market? Top tier football means top tier wages, so we could see more money spent in exclusive areas such as LS17, LS14 and LS22. As well as an increase in demand for luxury abodes we should also see increases in hotels, restaurants and other business to catre for the superstars. According to Deloitte’s ‘The value of promotion to the Premier League this season for clubs that did not get parachute payments will be at least £170 million and could reach a minimum £290million if they avoid relegation next year.’ So I’m sure we will all be Marching on Together and hoping that Leeds United will do it for the city.
Brexit
If you are like us here at Home House Buyers, we are sick to the back teeth of hearing about it, but we are all still gripped on the outcome. According to the Bank of England the “absolute worst case scenario”, disorderly no-deal Brexit could lead to a recession and a 30 per cent fall in house prices across the UK.
We also heard from Robert Gardner, Nationwide’s chief economist, thinks “In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40-year lows.”
It’s not all doom and gloom as Savills predicts that Yorkshire we be the second best performing market in 2019. So fingers cross Leeds has a good 2019 all round.