Findings from Land Registry figures show Leeds housing prices grew a further 1.1% between August and September of this year. With property prices continuing to rise in the area, investment properties in Leeds remain strong and secure.
The September growth is just part of a longer-term trend for Leeds. Ever since the easing of the first lockdown restrictions earlier this year, average property prices in Leeds have increased month-on-month.
This has led to a 5% annual increase in Leeds property prices in the year to September. And this trend looks set to continue, with experts predicting a further 13.5% uplift over the next 5 years.
All-round increases – investment properties in Leeds
Owners of all types of investment properties in Leeds will benefit from the market growth. In the year to September, the average price for a detached house increased the most at 6.2%, with semi-detached prices coming in just behind at 6%.
The annual increase for prices of terraced houses rose by 4.8% and by 2.2% for flats.
All kinds of buyers are paying more for Leeds property. From first-time buyers who are now spending £7,400 more than a year ago, to previous owner occupiers who are spending 39% more than them.
The average price paid by a previous owner-occupier for a Leeds property is now £235,800, with first-time buyers spending £169,700.
Better than the regional average
Choosing to have an investment property in Leeds rather than anywhere else in the region is certainly paying off.
Not only is it one of the best cities to be a landlord, but the strong market growth means that houses are being sold in Leeds far above the average selling price for the region. Leeds buyers paid almost 14% more for a property in Leeds compared to properties across Yorkshire and the Humber.
Managing director of North Property Group, Oli Banks, called these recent results encouraging. He said, “Leeds continues to prove itself as a hotspot for secure property investment, as these figures go to show. During the initial UK lockdown, there were some doom-and-gloom forecasters predicting a market crash, but this is certainly not the case.
“Leeds especially has seen one of the country’s biggest bounce-backs of its property market. The city’s booming economy, thriving jobs market, and growing population have boosted a quick recovery in Leeds and secured its prospects for future years.”
Contact us – Investment Property Leeds
To take advantage of the city’s booming housing market and to find out more about making an investment property in Leeds, contact North Property Group now.