Leeds is one of the leading cities in the Northern Powerhouse with thriving local economies, a vibrant cultural scene and a diverse range of educational institutions.
Furthermore, the city is a big draw for investors and those looking to buy a house. As we move towards the back-end of 2024, Leeds property market remains one of the most discussed markets and many prospective homebuyers, sellers and investors want to know what will be the price of houses in the area this year. In this article, Open Property Group, who buy properties across Leeds and beyond, discuss where the house prices in Leeds are headed according to the most forecasts.
Current State of the Leeds Housing Market
Before looking forward, it’s useful to take a glance at how things stand now with the Leeds housing market. House prices in Leeds have surged over the last couple of years as figures from Leeds Live indicate. Many areas of the city showed increased house prices, showing the thirst for housing in the busy urban destination.
Key Factors Influencing Current Prices
Economic resilience It is positive that the Leeds economy is in a healthy condition, propelled by a diverse range of sectors such as finance, IT, digital, retail and education. Indeed, economic stability has helped to underpin demand for housing overall.
Population Growth: The city has a growing population due to its high reputation as a place to live, work and study. This demand can raise house prices.
Supply side imbalance: much like many other uk cities, leeds has seen a lack of supply in relation to demand as a key factor in the prices of property increasing.
Expert Forecasts for 2024
Promising Outlook for House Prices
It is an assessment that could send the right signal to prospective home-owners: according to a recent report in the, local estate agents have the future of the house prices in Leeds
Expected Growth Rate
Moderate Increase: While house prices may not reach the dramatic double-digit growth rates experienced in some previous years, there should be continued positive growth over the course of the next year. We anticipate an increase of approximately 3% to 5% across the city over the next 12 months, with the average house price in Leeds standing at around £XX0,XXX.
Sustainable Demand:Leeds as a city has a strong demand for housing, with ‘hotbeds’ such as Headingley, Chapel Allerton and Horsforth having further potential higher-than-average price increases.
Regional Variations
To clarify, we are talking about house price growth in Leeds, not an average house price. The centre of Leeds will not be recording average growth in property values. Some areas will be flat while others could be soaring through the roof. If this isn’t clear, here is Leeds Live splashing: ‘This stark map reveals where house prices have changed the most in a real surprise.’ Let’s take a peek at the centre and observe:
North Leeds: The well-to-do areas of North Leeds such as Alwoodley and Roundhay continue to fetch premium prices due to the desirable amenities and the affluent nature of the housing stock and social atmosphere. Price growth in this area is expected to rise in a broadly linear fashion.
City Centre: Similar price rises are expected in the city centre and surrounding areas, particularly in new or regenerated locations, where trendy modern apartments and mixed-used developments are popular.
Suburbs: Good transport links to city need for more affordable housing away from the centres of major cities.
What This Means for Buyers and Sellers
The prediction of increase in house price in Leeds indicates that buyers of real estate who wish to invest in such properties earlier than later might find themselves at the receiving end of advantages in hotspots such as the high street around the railway station and the university, as would be expected. However, the consideration of affordability remains an important check for any investment. Budget limitation should weigh into the assessment of desire for a property, while the potential of a neighbourhood as an asset, even when found attractive, also require realistic evaluation.
What this means for sellers is that the rocketing trajectory of price growth – like the fireworks soaring through the night sky – will continue for some time yet. But to find interested buyers in a market that sees price growth fall short of that stratospheric performance by a wide margin, you’ll want to set your asking price low.
Revealed: the 2024 Leeds housing market predictions for the coming years. Ring the alarm. The housing market in Leeds is expected to continue on an upward trend by 2024. In fact, surveys and figures point to slow yet steady growth, aided by competition for properties and economic security for most individuals. The opinions that follow have not been personally vetted. Price growth across the city of Leeds will vary but will be positive. Buyers and sellers alike can rest assured that the coming 12 months will not deter growth in property values and prices. Whether you are looking to buy your first house, invest in buy-to-let or goal-and-let, or maybe even looking to moved to Leeds or perhaps sell a current property you own, keeping up with the latest market trends and expert opinions will become necessary to making the right call in the larger property market of Leeds in England on the United Kingdom.
