Leeds has experienced a huge spike in people buying property in the city: across the country, demand from property purchases grew by 26% compared to the same time last year. Leeds was the second most in-demand city in the UK, with only Sheffield performing better.
Drawn to Leeds, due to its affordable house prices and excellent quality of life, are buyers. The Leeds housing market has been further boosted. This is mostly due to the renewed confidence in the property market following the general election.
Increase in Property Prices
The average property price in Leeds in December 2019 was £169,100. Property prices in Leeds are predicted to increase by 3.6% over the next 12 months; making it the 7th best UK city for house price growth. This is much higher than the 2020 UK average of 2.8%.
Expected to see higher house prices in 2020 than others are certain areas of Leeds. Those postcodes with the best prospects are LS2, which covers Leeds city centre and Woodhouse; LS1, which is Leeds city centre; and LS6, the postcode of Beckett Park, Burley, Headingley, Hyde Park, Meanwood, Woodhouse.
Alongside Leeds, the other major UK cities forecast for above-average growth levels during 2020 are Nottingham, Edinburgh and Glasgow.
Predicted to perform less well are cities in the South-East of England. London, Cambridge and Oxford were all ranked towards the bottom for house price growth.
Excellent Opportunities to Further Boost the Demand for Property in Leeds
Oli Banks, Managing Director of North Property Group says of the results, “As a Leeds-based company, we know how much this wonderful city has to offer. It’s no surprise to us that property demand here is so high. At North Property Group, we have seen a huge increase in demand from the people wanting to buy property in Leeds. With so many great opportunities here, we’re expecting the interest in Leeds properties to grow even more during 2020.
“We’ve got some really exciting developments in Leeds coming on the market this year. Two that we’re most excited about are The Preston and Horsforth Mill, both of which will allow people to live in luxury in an iconic Leeds building. Horsforth Mill is already complete and The Preston will be available soon.
“Also recently finished is Public Haus in the city centre. This new build development offers incredible views of the Leeds skyline and is perfect for anyone looking for a contemporary city-centre lifestyle.”
To discover why Leeds is one of the top cities for property in 2020 and to find out more about what’s available, contact North Property Group today.