Leeds property prices show rises from 2023

We will start this September 2024 blog with some statistics from the Office of National Statistics:

The average house price in Leeds was £235,000 in June 2024 (provisional), up 2.6% from June 2023. This was lower than the rise in Yorkshire and The Humber (4.7%) over the same period. Private rents rose to an average of £1,107 in July 2024, an annual increase of 7.1% from £1,034 in July 2023.

Just to unpick these three sentences further:

1. Inflation is currently around 2% (but much higher in the last few years) so a 2.6% annual increase in Leeds is only a modest rise
2. Leeds is relatively expensive compared to other towns and cities in Yorkshire (look at York and Harrogate for example)
3. Rental rises at 7.1% are outperforming capital growth

On point 3, just like many economic indicators, rental rises come down to supply and demand. Where demand exceeds supply, prices rise – take the Prime drinks from the past year as a simple example. Where supply exceeds demand (Volkswagen’s EVs, for example), prices stagnate and can fall.

Hogan’s are based in Harehills. Leeds but sell and let homes across the region and the disparities in prices and demand are vast. We find that terraced homes in Harehills, East End Park and Beeston, as just three examples, sell and let extraordinarily quickly. Travel up the road to places like Roundhay and similar properties often double or triple in asking prices. What this means too is that £100,000 can get you a modest terraced home in Harehills, or £135,000 below the Leeds’ average and demand from tenants is robust.

Harehills is close to the city centre itself, has good transport links, and despite the recent negative news, is an area we’ve been associated with and based in for well over 30 years.

Its housing stock is traditional terraced homes which have stood the test of time and refurbishments can increase the property’s value and its desirability for those looking to rent. 3 bedroom homes are in high demand.

You only have to have a cursory glance at our Rightmove microsite here to see that this is not estate agency exaggeration either. We have 9 properties listed for sale, with six SSTC and others generating interest and offers. That’s almost a 70% of our stock being sold.

We also manage properties for first-time or seasoned portfolio landlords with competitive fees and stellar service, as we know east Leeds so well and have a vast database of prospective tenants. Houses, locally, typically command monthly rental prices of around £750.

Additionally, as in our name – Hogan’s Fast Sale – we do offer a buying or fast sale service. You can see how it works here, with the process simply explained, and all it needs is for you to complete a simple contact form with your details and whether you’d prefer a cash offer or fast sale and Stephen and the team will be in touch promptly.

With mortgage rates already falling in 2024, now is a great time to invest, buy or sell with this family-owned, independent and reputable estate agency in Leeds.

Why choose anyone else?