How Expensive is Property in Leeds?

How Expensive is Property in Leeds?

March 21, 2017

How Expensive is Property in Leeds?

Leeds is a wonderful city, with lots to offer its residents. Anyone who moves here will be dazzled by the hustle and bustle of the big city, and charmed by the personality and character of the many different districts. Leeds provides many different environments for new residents to choose from, so no matter whether you’re after a quiet, peaceful suburb within easy reach of the shops, or a trendy flat near the business district, you’re sure to find something which suits you.

How does Leeds compare to the UK?

             A general trend throughout the UK is that properties in the North of England are worth less than those in the South. This is due to a combination of factors, but generally means that it’s possible to get a lot more for your money when you’re buying in Leeds compared to Bristol, London or Winchester. As a very broad rule of thumb, it’s possible to compare the average house prices in Leeds against the UK average; Leeds comes in at £189,704, while the national average is £219,544. Of course, this takes into account every single property sold in the area, which means that it’s hard to draw conclusions from this data, but it does illustrate the fact that Leeds property is very reasonably priced.

How does Leeds compare to similar cities?

             Of course, you’re probably not considering moving to anywhere in the UK; chances are, you’re looking at houses across the North and Midlands as a whole, so Bristol wouldn’t be an option. Let’s look at the average prices across some other cities

Sheffield: £179,080

Hull: £116,120

Leicester: £190,561

Nottingham: £176,909

Newcastle: £192,833

Liverpool: £156,379

Middlesborough: £140,344

Manchester: £171,436

            As you can see from this comparison, Leeds sits alongside Newcastle and Leicester in terms of average house prices, and although the average is higher than in Sheffield, Nottingham or Manchester, the difference between these prices is unlikely to wreck a budget. It’s also important to remember that Leeds is worth every extra penny; it’s the North’s biggest, brightest and best city, and offers everything you could conceivably want.

How much are properties in Leeds?

             The price of property in Leeds will of course vary, depending on the type of property you’re looking at. Terraced properties average around £145,000 in Leeds, whilst flats generally attract about £132,000. However, the majority of properties sold in the city are semi-detached, and sit right on the city’s average sale price of £189,000.

Where should I start looking?

Buyers who are looking for affordable property would do well to start their search south of the River Aire which divides the city into two halves. Areas like Morley and Middleton are ideal for commuters who will be working in the city centre, as the journey to work is minimised while house prices remain reasonable. Transport links are also excellent in this area of the city, as the M1 and M62 are both within easy reach.

If transport isn’t such a concern, the northwestern side of Leeds makes a promising location for cheaper housing; there are plenty of properties available at reasonable prices. In addition, this area is slightly greener, with better access to Leeds’ parks and woods. With the Leeds ring road running through the areas of Horsforth, Weetwood and Farsley, houses in these locations are also well-connected to the rest of the North.

The city centre has a wide array of flats available for purchase, which are listed at very competitive rates. Convenient living which eliminates the daily commute can be extremely attractive, and flats right in the middle of the city can be had for under £100,000 (for a studio), or for around £130,000 if you’re after something a bit more spacious. Flats like this provide an excellent opportunity for those who enjoy the nightlife in Leeds, or for landlords looking for Buy-to-Let properties.

The northern side of Leeds quickly becomes the gorgeous rolling countryside for which Yorkshire is famed, and this is where some of the larger, more luxurious properties can be found. However, there are still stunning family homes available for less than you might expect; a 4-bed, well-presented detached house with fantastic views and a generous garden goes for around half a million. Put that within a hundred miles of London and you’d be lucky to pay anything less than twice that amount.