Leeds Sees Highest Rise in Property Sales in the UK

September 12, 2020

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Article Summary

Leeds
  • Leeds is set to be home to a new Conservative Party headquarters.

  • Leeds is the UK’s fastest-growing city. It has the most diverse economy of all of the UK’s employment centres.

  • This will further add to tenant demand in the city and a healthy market for Leeds property investments.

Leeds has seen the biggest rebound in house price sales since the coronavirus pandemic in the UK. The city has also had the fourth highest growth in property prices. Read why an investment property in Leeds is a great choice for investors.

A strong and resilient market

According to findings by Zoopla, the number of homes sold in Leeds increased by 21% compared to February this year, which was before the UK went into lockdown.

Average sales prices in the city have changed positively since the restrictions on the property market were eased. The average property price in Leeds grew by 3.4% annually to May and now stands at £169,700.

The bounce back of the Leeds market is in stark contrast to warnings during lockdown that the property market could take years to recover. With such a resilient market, an investment property in Leeds is a secure choice for a financial investment.

Perfectly placed for growth

Leeds, perfectly situated for market growth, even after a global pandemic. With affordable housing, and high rental demand, investment properties in Leeds generate some of the best rental yields in the country.

With more buy-to-let developments in the pipeline in Leeds and increasing numbers of major businesses moving offices here, this Yorkshire city is perfectly placed for progressively positive market performance.

Rents in Leeds are to grow by over 14% by 2025, with house prices in the region rising by almost 22%.

The north leads the way

Leeds isn’t the only northern city seeing a bounce back in sales numbers. The Sheffield and Manchester markets have also reported strong performance at 15.9% and 7.8% increased sales respectively.

Manchester and Nottingham’s average property values grew by more than any other UK cities, at a respective 3.9% and 4.3%. This, compared to southern cities that have seen falling or stagnating property prices, such as Oxford at -0.6%. The average annual increase in property prices across the UK is currently 2.4%.

The rising demand for northern properties and lack of stock in these areas have helped keep prices buoyant. Investors are advised to seriously consider investment properties in Leeds, Manchester, Sheffield, or Nottingham.

Big surprise

Zoopla’s Director of Research and Insight, Richard Donnell, said, “The rebound in housing market activity has taken many in the industry by surprise.  Welcome news given the projections for falling economic growth and rising unemployment. 

“Estate agents and developers are responding. Therefore, using the upsurge in demand to rebuild their sales pipelines and open up their developments.”

Contact North Property Group

If you’re interested in an investment property in Leeds, get in touch with North Property Group today to discuss what’s right for you.

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