Half of Leeds Properties Selling Far Above Asking Price

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    Half of Leeds house prices are being sold far above the asking price, new research from Purplebricks shows. Boosted by the pandemic and stamp duty holiday, Leeds properties are going for thousands of pounds higher than asked for, as people rush to the city to buy a home or investment property.

     

    Staggering capital gains

    The research found that over the last two years, a staggering 47% of Leeds sellers sold their property for between £5,000 and £15,000 more than the asking price. In fact, over 10% of sellers in Leeds sold their property for more than £35,000 above asking price.

    The city has long been a good place for capital gains on properties, with the average property price rising by 31.3% between 2010 and 2019. But now, as the country continues to recover from the coronavirus pandemic, is when Leeds property investments are really proving their worth.

     

    The effect of coronavirus

    Interestingly, the pandemic itself has led to these fantastic increases. Multiple lockdowns have made people want to switch properties, with some looking for more outdoor space and others keen to get back into the city centre.

    And although Leeds is seeing some of the best property price rises in the country, it is not alone. Overall, house prices across the UK rose by 13.2% in the year to June 2021 – the fastest growth since November 2004.

     

    Stamp duty impact

    The stamp duty holiday is another reason for these price rises. People with an investment property should be thanking the scheme – even if they haven’t sold their properties – as it is one of the factors behind the growth.

    This especially true in Leeds, which was recently named the place where the stamp duty holiday has had the biggest impact.

    Mike Hardie, head of prices at the Office for National Statistics (ONS) explained: “The changes in the tax paid on housing transactions may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.”

     

    Selling fast

    It isn’t just property prices that have been boosted by the pandemic and the stamp duty holiday. Demand for Leeds properties is now so high that many are being sold within a day.

    And this demand is coming from all parts of the market – from owner-occupiers to investors with large portfolios to people making a Leeds property investment for the first time. The Leeds property market is thriving and doesn’t look set to slow down in the near future.

     

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    If you’d like to speak to someone about making a Leeds property investment or buying an investment property anywhere else in the UK, get in touch with North Property Group today.

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