House price predictions Leeds & are house prices rising?

This comprehensive guide dives into the intriguing world of the Leeds property market. We'll explore whether house prices are on the rise or facing a decline, providing crucial insights for both potential buyers and sellers.

The article delves into recent trends, including a slight dip in average prices year-on-year alongside impressive growth in specific neighbourhoods. We'll also analyse expert predictions for 2024 and beyond, offering clarity on future market movements.

Uncertainties and potential for slower growth are acknowledged, but the historical trend of property value appreciation in Leeds paints a promising picture. Additionally, we'll explore the current average house prices in Leeds, categorised by property size, to provide a clear understanding of today's market landscape.

So, buckle up and get ready to navigate the complexities of the Leeds housing market!

Are Leeds house prices rising?

Albeit an affordable part of the country in which to live, over the past 10 years, Leeds house prices have continually crept up - hence why so many property buyers are interested in investing here. 

Affording great potential to make money, Leeds has long been a secure location to buy. However, according to Plumplot, the average property price in Leeds actually declined by 1% between February 2023 - January 2024, leaving many questioning the future of the Leeds housing market. 

Nevertheless, housing experts remain optimistic. In the year 2020, house prices in Leeds increased by an impressive 9.26% - notably higher than the rest of the country, which averaged an increase of 7.5%. 

Moreover, in the past 12 months, property prices in Leeds property market have risen areawide, with some of highest spikes in the following neighbourhoods: 

• Scarcroft - up 40% 

• Woodhouse - up 19% 

• Farsley - up 18% 

• Collingham - up 17% 

• Harewood - up 16% 

Climbing prices is a positive sign. However, a study performed by home.co.uk reported that physical house sales are in fact down. In February 2023, 360 homes were sold, significantly less than the 669 total recorded in February 2022.  

There are a couple of reasons for this - high mortgage rates and the current cost of living crisis, to name just a couple. 

This subsequently decreased demand for property has resulted in house prices finally beginning to drop to a slightly more affordable rate - great news for first time buyers, but less so for those looking to sell their homes.

Are house prices in Leeds falling?

A great time in which to invest in the Leeds property market, JLL believes that the Yorkshire region will continue to see growth, particularly by the year 2025, at which point house prices are expected to be 12.5% higher. 

So, whether you’re looking to buy a property for yourself or you’re a savvy investor, it’s well worth focusing your attention on Leeds and Yorkshire.

How much will houses cost in Leeds 2024?

Predicting house prices is complex due to various local and global factors. The COVID-19 pandemic exemplifies how unforeseen events can impact the market.

What are the current Leeds house prices?

GetAgent reports an average asking price of £287,176 for houses in Leeds (March 2024). This varies based on size:

• 1 bedroom: £142,159 (ideal for first-time buyers)

• 2 bedrooms: £201,936 (suitable for small families or home offices)

• 3 bedrooms: £280,683 (popular among growing families)

• 4 bedrooms: £442,524 (ideal for larger families)

Several factors influence price trends in the Leeds property market:

• Economic Conditions: Economic health, employment rates, and consumer confidence affect housing demand and affordability.

• Government Policies: Changes in stamp duty, housing schemes, and interest rates can impact buyer and seller behaviour.

• Global Events: Unforeseen events like pandemics can disrupt supply chains and market confidence.

What are the predictions for Leeds 2024?

Predicting price direction for the rest of 2024 is challenging. Some experts anticipate a slowdown in price growth, suggesting a possible market stabilisation after years of significant increases. This might be due to potential economic slowdowns and adjustments in buyer behaviour.

Despite uncertainties and potential for slower growth, Leeds' historical performance indicates a steady appreciation in property values. The city's diverse property portfolio, vibrant culture, and economic opportunities continue to attract buyers. 

However, prospective buyers should be well-informed and cautious, acknowledging the market's susceptibility to change.

Selling a home in Leeds? We can help… 

At The Property Buying Company, we specialise in quick sales (our average sales time is just 2-3 weeks!) and what makes us unique is that we buy any home in any location and in any condition. 

We’re entirely open in our approach to property buying, which means we recognise opportunities where others likely wouldn’t. On average, we buy homes for approximately 80% of their market value and perhaps most appealing of all, we take over the entire process (no stress for you!) and there are no hidden costs. 

We understand how frustrating it can be when selling a home - there are so many additional costs that we don’t always consider at the beginning of the process - but at The Property Buying Company, we take care of all of that - including solicitor fees.

To find out more about us and what we do, head over to our ‘Our Services’ page. Or if you’d prefer, just give us a call on 0800 024 8444 and one of our property experts will be more than happy to help.