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How house prices have changed in Leeds over the past two years

Eddison Wells is privileged to have an office in Leeds. As as a Leeds Mortgage Broker we value the opportunity to work in an area surrounded by world heritage sites .

How House Prices Have Changed In Leeds Over The Last Two Years

Historically, North West Leeds has offered off-street housing to a huge proportion of students studying full time in the city. Not only this, but the city has also been a host of other domestic dwellers who have mainly comprised of tenants with no permanent residences. Over the years, house prices for rent and sale have been seen to fluctuate inspired by many factors including overall changes in the economy across the country. However, over the last two years, considering there have been fears about brexit, the Leeds housing market has suffered a blow and thus prices have not been at par with most parts of the country. 


Prices fell below national average

According to expert review, house prices fell within the period starting in 2015 and ending in 2017, going as far as lower than the national average. Within this period, housing prices average fell to £194,372 against the national average that stands at £217,939. There are many factors to blame for this shift including the Brexit exodus, which has kept many sectors of the economy waiting in anticipation of the results that would come up.


Many of those who triggered the effect included students who had earlier migrated to the city from foreign countries for purposes of learning, and on top of this there were many companies that had to shift from having their foreign workforce situated within the city as the Brexit debate escalated further. However, there seems to be a recovery as 2017 approaches and this is occasioned by the perceived calm that is gradually coming in due to the fact that not much has happened as regards the Brexit conversation, and investors and people feel the future will be calm equally, hence the willingness to invest in housing in Leeds recently. 


Plentiful rental options 

Another issue that triggered a shift in house prices in Leeds is the increase in rental options vis a vis the number of people available to fill the many available spaces. This definitely meant for investors to recoup their investment and probably service their loans they had to reduce the prices to lure tenants into choosing their houses. The surge also came as there was mass exodus due to the threats brought forth by the Brexit conversation. Many of those who were to invest in Leeds paused the idea to see how the conversation would end. 


Due to the calm that followed going into 2017, these investors started to review their earlier decision and most of them have embraced the idea of moving forward with choosing Leeds as one of their business destination, which means those in the housing business have received a relief as more people buy property and rent for business. With this increase in demand of housing, prices have as well been seen to adjust upwards. Experts quote that politics is a great force through which many investors make decisions, and the trend experienced in Leeds over the past two years was a reaction to the political mood present in the country. 


Testing for the market over past 6 moths

As the uncertainty about Brexit hit a high, the last six months have been a trend of testing to see if there is any possibility of investment options thriving. Therefore, within that period there were many assumptions on the side of investors as well as fears inspired by the possibility of Brexit crushing the market further, so this lead to a drop in house prices by 1.23 percent. This might be seen as a trivial sum, but investors understand the pain of losing even a single Euro to uncertain occurrences, so on their part it was a blow. 


Going into 2017, the value of housing began to pick and as at now is estimated to have risen 1.07 percent compared to one year ago. That’s good news to investors and those in the real estate market as the market seems to have recovered from the uncertainties occasioned by Brexit. However, full recovery is yet to take place as not all investors have embraced the idea of investing. Most of them are having a wait and see approach, which has slowed down progress. 


Empty properties 

An expert review of data collected between 2015 and 2017 showed that at least 30 percent of properties located in student areas lay empty. There were many empty advertised properties, and with this competition came the need to adjust prices to match the demands of the market, so this is one of the reasons prices reduced within the period. This was also the case within adjacent cities and towns, a testimony to the unsettled state of the market due to the Brexit uncertainties and fears among investors who anticipated establishing businesses within the city of Leeds. 


Mass student exodus

Additionally, further research conducted by a council team showed that within the two years period, there was a surplus of student bed spaces, and this affected the prices of houses built for student accommodation. Basically, prices came down as a reaction to the change in supply of tenants. There have also been concerns that most houses converted into student accommodation areas might not easily get back to the family market since the conversion to include student bed spaces came with the need to implement many changes. Those that were converted back to family accommodation had to enter the market at lower prices than new houses build in the family segment. 


Earning the title ‘student areas’ has brought a negative effect on those that are converted back to family housing, and this could mean to sell builders have to tag lower prices. Although there have been efforts to give these areas an image that they are a perfect area for family accommodation, the market has been slow on embracing the idea, so change in prices to an upward trend has also been at a snail speed, to the disadvantage of investors who chose to go for student accommodation initially before reverting to family class housing.

Things to do in Leeds

Eddison Wells is privileged to have an office in Leeds. As as a Leeds Mortgage Broker we value the opportunity to work in an area surrounded by world heritage sites .

Leeds is a historically rich city that has played a significant role in British history since the Medieval era, and one that experienced rapid waves of expansion during the Industrial Revolution. Situated in the heart of West Yorkshire, its historical makeup, proud Yorkshire heritage and tough industrial past, all amount to a unique city which wears the marks of its history through scattershot architecture — from back-to-back Victorian tenement housing to 60s modernism — and public spaces. But Leeds is also a modern and vibrant UK city which experienced a wave of infrastructural investment and expansion in the 2000’s, attracting thousands to its energetic nightlife, shops, restaurants and bar culture. Whether you are with children or an adult group, or whether you are looking to save or spend money, there are many things to do in and around the city of Leeds.

 

Take a Walk Though History

First and foremost, Leeds boasts an impressive history. On the outskirts of the city centre lies Kirkstall Abbey, a ruined Cistercian monastery dating from c.1152. The grounds within and around the abbey provide a fascinating day out, with access to the site and park free. Across the road from the Abbey sits the Abbey House Museum, a Grade II listed gatehouse which takes its visitors back to the Victorian era as a museum and exhibit of 19th Century Leeds. There is an admission charge for the museum and it is recommended to visit both sites.

East of the city lies Temple Newsam House, a Tudor-Jacobean house with landscaped grounds designed by “England’s greatest gardner”, Capability Brown which is the notorious birthplace of Lord Darnley, husband to Mary Queen of Scots. With a history dating back to a 12th Century Preceptory on the site, Temple Newsam House and its Estate is open to the public at an admission charge and hosts a variety of activities in the area. If you have a penchant for period rooms, silverware, ceramics, fine art, Chippendale furniture and decorative arts, the house is accessible all year round. Several other famous period properties lie in the outskirts of Leeds, if you would like to explore more of these country house treasures, both Lotherton Hall and Harewood House both lie within 25 minutes drive of the city.

If you are content with a historical walk around the city centre of Leeds itself, Leeds Town Hall, Leeds Cathedral, Victoria Quarter, Thornton’s Arcade, Grand Arcade, Queen’s Arcade, Holy Trinity Church, Leeds Minster, Leeds Corn Exchange and Leeds Civic Hall offer a slice of Leeds’ past. You can also take a city walk of the Civic Trust Blue Plaque Trail and Leeds Owl Trail, spotting the various blue plaques and ornate owl statues dotted around the cities architectural highlights.

 

Soak in Culture at a Museum or Gallery

Leeds offers an array of award-winning museums for the visitor. Aside from the local (and free) Leeds City Museum, which covers everything from Dinosaurs to Leeds history, there is the astonishing (and equally free) Royal Armouries Museum, a national museum and Northern counterpart to the Tower of London. The museum is set in the purpose built Leeds Dock, which offers fascinating walks aside Leeds’ canal system. The museum contains a range of historic artefacts on display, as a history of warfare, weapons and defences both at home and abroad. The Thackray Medical Museum offers a history of medicine and sits amid Leeds’ St. James’ University Hospital. With a wide collection of medical artefacts and temporary exhibitions, the Museum also hosts renowned lectures and educational days for the public.

Further museums of interest include the Leeds Industrial Museum on the outskirts of the city and, with a short 15 minute train ride, the UNESCO World Heritage Site of Saltaire, a Victorian model village in Shipley which hosts both glorious architecture from the areas woollen industry days and Salt’s Mill, a converted mill now art space.

Leeds also has a vibrant art scene, hosting the free and nationally significant collections of Leeds Art Gallery, the independent The Gallery at 164 and University-affiliated Stanley & Audrey Burton Gallery. Leeds is also awash with small art spaces, with Lady Beck Studios and Project Space, 130 Vicar Lane, The Brunswick, The Old Red Bus Station, Set the Controls for the Heart of the Sun, Union 105, The Bowery and Patrick Studios, among others, all servicing local artists and the community.

 

Have a Drink and Hit the Clubs

Leeds is renowned for its nightlife. Whether sipping cocktails in the glitzy Angelica at the top of the Trinity shopping centre, or settling into the rooftop bar of the Belgrave Music Hall, Leeds has options to suite all budgets. For lovers of craft beer, Friends of Ham, BrewDog, Bundobust, North Bar and The Brewery Tap offer a variety of local, national and international ales. The Maven and Distrikt offer incredible cocktails in snazzy surroundings, and there are a wealth of historical pubs — such as Whitelock’s Ale House — serving the history nerd.

But in terms of serious nightlife, Leeds goes big on its club and live music scenes. Oporto, The Wardrobe, Smokestack and Sandinasta offer cosy bar-music atmospheres, with Belgrave Music Hall offering a consistent music venue space. In terms of clubbing, Wire has the Indie crowd covered whilst HiFi blends funk, soul, rock and r&b for a vibrant city crowd. With a variety of options, its best asking your barkeep for a lowdown on the night’s festivities, as there is always something on in Leeds.

 

Get Out into the Countryside

If you have an extended stay in Leeds, consider hopping on one of the many countryside serving train lines in Yorkshire. Leeds is connected to the impressive Settle to Carlisle railway line; a gorgeous journey through the heart of the Yorkshire Dales north of the city itself. The surrounding countryside of both the Dales, Ilkley Moor and the wild Pennine Moors known locally as Brontë Country (after the eponymous and local Brontë sisters), offer an array of walks and sights as well as an understanding of the Yorkshire way of life, dotted with pleasant tea rooms and old world pubs.

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