Across the UK, property is still selling like hot cakes according to the national press. This was partly down to the stamp duty holiday, but also led by other factors: like low mortgage rates, relaxed rules on home deposits and a shortage of real estate. It’s been no different here in Leeds.
We’ve seen too some new ideas that some estate agents have adopted, which we haven’t. One has been a fee to view, which some agents have introduced. Another has been the opening of portals like Boomin, where buyers get access to properties before they hit Rightmove and Zoopla.
A typical home sale used to take anything from 8 to 20 weeks, but now they are taking a few weeks, due to conveyancing backlogs, with many selling in days.
Andrew Wishart, property economist at consultants Capital Economics, said: “With the amount of secondhand stock on the market currently extremely limited, house prices could continue to surprise on the upside.”
“There is always the possibility that places like Cornwall and towns along the south coast are in a bubble and prices are about to burst, said Pryor, “but the banks and local agents seem convinced that the momentum will keep prices on the up for a long time yet”.
Nationwide also states that house prices increased again in August 2021 – with record growth in 15 years. Giant property developers like Barratt and Persimmon are reporting record revenues too.
What has caused this property boom?
There’s several factors at play, it seems.
The Resolution Foundation cites three main aspects:
Ultra low interest rates, the demand for more spacious properties during the pandemic and the pent up savings of those kept in work by the furlough scheme was enough to spur buying activity without extra incentives from the Treasury.
But perhaps what has created the greatest demand has been the number of mortgage approvals which leaped to their highest level since August 2007.
But what about Leeds?
Properties in Leeds had an overall average price of £233,594 over the last year.
The majority of sales in Leeds during the last year were semi-detached properties, selling for an average price of £243,805. Terraced properties sold for an average of £164,982, with flats fetching £161,941.
Overall, sold prices in Leeds over the last year were 14% up on the previous year and 24% up on the 2018 peak of £188,559.
Bear in mind though that the area we serve, in east Leeds, is seeing property price increases, but the averages in Harehills, East End Park, Beeston, Gipton, Seacroft, Burmantofts are considerably lower.
We are still finding though that property activity is brisk and properties for sale or to let generate immediate interest.
If you’d like to know how much your property is worth to sell or to let, contact Stephen and his team today. If you’ve got a property that is not generating a sale, get in touch as we offer a cash sale or fast sale route which is explained more here.
