A recent survey focusing on property values shows that the housing market in Leeds is worth around £59.05 billion. If that wasn’t impressive enough, the key takeaway from the survey is that the market is up 4.2% on 2017.
Survey By Zoopla
Zoopla’s annual survey analyses ten of the largest cities in the UK to determine how much each housing market is worth. This year’s puts Leeds in at number nine in the top 10.
The information analysed by Zoopla shows how buoyant the property market is in Leeds, and that properties are continuing to be in high demand as we move through 2018.
Breaking the results down by postcode showed that properties in the LS17 sector are worth about £6.4 billion in total. This postcode includes areas such as East Keswick, Alwoodley, Eccup and Bardsey. This valuation is up 5.6% on last year’s results.
An estate agent responsible for Leeds and Harrogate for online estate agent Purple Bricks said: “A lot of people won’t put their property on the market until they’ve found somewhere to go to. Areas such as Roundhay and Chapel Allerton are examples of this. As a result, Leeds has become more of a sellers’ market, which is why prices may have gone up slightly and there aren’t that many properties on the market. Any property between £100,000 and £400,000 that comes to market and is priced correctly will usually sell quite quickly.”
South Leeds On The Up
Areas within the LS26 postcode are also rising in popularity, according to the survey. Places like Rothwell, Oulton and Woodlesford are part of a buzzing property market, thanks to fair prices, fewer properties on the market and excellent transport links via train or to the M1 and M62.
The Brexit Effect
It’s not surprising that investor focus is moving away from London and to regional areas around the UK. And the Northern Powerhouse initiative has further boosted the credibility of cities such as Leeds as a property hotspot.
As prices fall in the capital, first-time buyers and property portfolio investors alike are moving to new areas. Increased investment in Leeds city centre has greatly improved the job market and encouraged a new wave of interested property investors.
Getting On The Ladder
The advice for those looking to secure their first property is to utilise schemes such as Help to Buy. And for those considering a move, now is a great time. Getting your property valued as soon as possible and taking the initiative while the Leeds property market is rising, is a good move.
There’s no doubt that the Leeds property market has been riding high over the last year or so, and it’s going to be fascinating to watch it continue to climb the rankings. There’s no reason why it shouldn’t stay buoyant and continue to be an excellent option for first time buyers and investors.
Annual Percentage Growth
Below is a list of the annual percentage growth in property value, according to Zoopla’s research. In brackets you’ll see the most popular areas in each city.
- London – 1.54%
- Bristol – 3.8%
- Glasgow – 5.38%
- Birmingham – 4.08%
- Manchester – 4.49%
- Edinburgh – 4.04%
- Nottingham – 3.69%
- Reading – 2.37%
- Leeds, 4.2%
- Sheffield – 5.63%.