Leeds Housing Prices and Demand Soared in 2021

March 31, 2022

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New figures on the Leeds housing market during 2021 have shown why the city was and continues to be a great place to invest in property. Even soaring house prices during the last year couldn’t slow the market as demand outstripped supply throughout Leeds.

Booming property prices

The findings were published in the final quarterly house price index of 2021 by Yorkshire-based property company Manning Stainton. The report shows that the average price of properties in Leeds for sale during last year grew by 14%.

By the end of 2021, the Leeds region’s average house price was £245,904, up from £233,727 at the beginning of the year. This is exceptional capital growth for people who have invested in property in the area.

Thriving property market

But despite these rising house prices, potential buyers still flooded the Leeds housing market. Demand was so high that it far exceeded the number of properties in Leeds being listed for sale during the year.

In fact, the report found that sales transactions were up 5% on 2020 and 10% on 2019 – something also experienced by North Property Group’s Leeds offices. First-time buyer activity was especially strong during 2021, with new registrations up 20% on 2020 levels.

At the same time though, the number of new properties being listed fell by 5% in 2021 compared to the previous year.

A bright year ahead

Looking forward, house price rises of 5-6% are expected throughout 2022, driven by continued levels of demand.

It is unknown whether housing stock levels will recover to meet the new normal levels of demand. Managing director of Manning Stainton, Mark Manning is hopeful that it will. He said, “What the market really needs this year is for more stock to come onto the market.

“We’ve seen a huge surge in new seller enquirers over the last couple of months, so I’m hoping this will translate to more properties being listed, which will help meet record levels of demand from buyers.”

And if it doesn’t, house prices could grow even higher than forecast, generating fantastic returns for those with the foresight to have invested in property in Leeds.

What is property investment?

Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. Investing in property can create returns in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Property investments can be owned by individuals or organisations and can be short, long or medium term.

Find out more

If you’re interested in investing in property and finding out what investment properties in Leeds are for sale, contact North Property Group today.

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