Aspen Woolf looks at the most expensive versus the cheapest property in Leeds
The North of England is having a resurgence in terms of regeneration, property development and a growing job market. There are more reasons than ever to invest in property in cities such as Leeds, Liverpool and Manchester, led by the Northern Powerhouse initiative.
Particularly since the vote to leave the European Union in June 2016, property investment across the UK has experienced a sea change. More and more investors are turning away from London and the South East as economic and political uncertainty shake a previously unwavering property market and setting their sights further up north.
Leeds has become a prime property hotspot, thanks to a steady stream of city-centre regeneration and funding, along with a solid and thriving job market. Add in a bustling city centre packed with all the amenities young professionals look for, and a strong student population, it’s not surprising that investment in Leeds is constantly increasing.
At Aspen Woolf, we keep an eye on all the property investment news across cities including Leeds and have examined recent sales to get a picture of the kinds of prices people can expect.
Variety of property
The cheapest residential property that completed in April 2020 sold for just £39,950. At the other end of the scale, the buyers of the most expensive property sold in March paid more than 35 times this price.
This shows the sheer variety of options for people looking for property in Leeds. Whether investors are searching for the perfect buy-to-let property, or families are looking to move into a larger house, there is a scale of the pricing available that isn’t seen in regions further south. Land Registry figures
The figures from HM Land Registry for March 2018 show that some property investors paid a lot of money for truly stunning properties situated in the city’s suburbs, while other people sought out and found bargains closer to the city centre.
The most expensive home sold in August was a detached house in Alwoodley a stunning Leeds suburb located just 5 miles North of the city centre. It was sold for an impressive £1,425,000, providing a stark contrast with the cheapest house sold for just £39,950.
UK-wide, across the same period, more than 100,000 homes were sold. The most expensive residential property on record sold for £25.5 million and is located in Belgravia, a stone’s throw from Hyde Park, London. The cheapest of all went for £20,000 in County Durham. This provides a good scale to measure Leeds prices by.
A closer look at what buyers in Leeds secured for their money can be seen by detailing some of the sales below
- According to the Land Registry, the five-bedroom detached home in Sandmoor Avenue, Alwoodley, was sold for a whopping £1,425,000 in August 2020. It was last sold in 2000 for £499,000
- Another five-bed detached property, this time on Sandmoor Drive, sold for £1,200,000 in March 2020.
- The third most expensive home sold in Leeds was a detached house on Adel Lane. It sold for £1,037,300 in July 2020.
- Next on the list was also on Adel Lane. The six-bedroom detached house sold for £1,000,000 in June, according to the Land Registry. It had previously sold for £410,000 in 2013.
- The cheapest house sold was in Rydall Terrace in Holbeck. The terraced house sold for £39,950 in April 2020, according to Land Registry data.
- The second cheapest house sold was in Woodlands Way in Whinmoor. It sold for £40,750 in May 2020, according to Land Registry data.
- Another cheap house was sold in Woodview Terrace in Beeston. It sold for 47,000 in June 2020.
No matter what kind of property buyers are looking for, Leeds is a good place to look. From apartments close to the always improving city-centre amenities to large detached homes in green suburbs, the variety available is comparable to that in the South East, but for much more affordable prices.
Leeds is a city with great potential and now is a great time to invest in a property in Leeds. Get in touch and we will help you find the ideal property and location. Take a look at what we currently have to offer you.