Leeds house prices have grown more than almost any other city in Britain, according to recent data from Zoopla. While 2020 may have been a bad year for some, in Leeds property prices grew by an average of 5.6%. A Leeds property investment made during 2020 will have already proven itself a good choice.
Best performance in the north
The only other city that saw higher house price growth during 2020 was Manchester, just in front at 5.7%. Other northern regions also performed well, with properties in the Yorkshire and Humber region increasing by 4.9% year-on-year.
The north also continues to outperform the south in terms of affordability. London is still the most expensive region to buy property, whereas the cheapest is the north. For the best returns, investors should look further north to cities like Leeds for a property investment.
These figures have again shown Leeds is an investment hotspot. In Leeds, property prices are still low at just £175,000, so good capital growth can be easily achieved with a Leeds property investment.
Although Manchester’s property prices underwent slightly higher growth in 2020, the average property price here is much higher than in Leeds at over £215,000.
Effects of the pandemic
Even though the northern property market saw the best results, the overall UK property market performed positively in 2020. The national lockdowns in response to the pandemic have made people reassess their living arrangements, with many moving to improve their quality of life. The stamp duty holiday has also caused an increase in the sales agreed numbers.
The average UK increase for sales agreed in 2020 is 9.1%. The figures for the Yorkshire region are just below that at 8.1%. Leeds itself has seen the highest rises in property sales in the UK.
Richard Donnell, director of research and insight at Zoopla, said, “The housing market is ending 2020 strongly with more buyers looking for a home than this time last year.
“The ‘once in a lifetime re-assessment of housing’ kick-started by the pandemic has further to run in our view and this will support demand into 2021.”
Robert Gardner, Nationwide’s chief economist agrees. He says, “The resilience seen in recent quarters seemed unlikely at the start of the pandemic.
“But, since then, housing demand has been buoyed by a raft of policy measures and changing preferences in the wake of the pandemic.”
Find out more about making a Leeds property investment
To find out more about making a Leeds property investment – or an investment anywhere else in the north – contact the experts at North Property Group today.