From post-pandemic price surges to slowing sales caused by high interest rates, the Leeds housing market has seen significant fluctuations in recent years. As such, many homeowners remain uncertain about the best time to sell their property. Likewise, investors and first time buyers aren’t snapping up homes in the city as quickly as they once were.
With that in mind, we’ve put together this post to provide some insight into the current state of the market. This includes average selling times and prices, plus key factors to consider when deciding whether to list your home. Find out if it’s a good time to sell property in Leeds below.
What is Leeds’s housing market like right now?
Compared to the same time 12 months ago, most homes in Leeds are now taking longer to sell. According to research, 3 bed houses (which have long been a bestseller in the city) are staying on the market almost 30% longer. As a result, semi-detached homes are taking an average of 99 days to sell, versus just 69 days in 2022.
Interestingly, one exception to the trend is 1 bed flats, which in the past have proved harder to part with. Certainly since the pandemic created a desire for more space. This no doubt comes down to their relative affordability given rising mortgage rates – we’ll touch on this more later.
Fewer properties are being sold too. For instance, 234 terraced houses located within 5 miles of Leeds were sold in June 2022. In the same month this year, just 146 went to new owners. The upside to this is that there may be more demand for your property as fewer homes are being listed. And if yours does take time to sell, you’ll have longer to plan your next move.
Will house prices drop in Leeds?
So how is this affecting sale prices? Well, a Zoopla study found that UK house prices rose by just 0.1% in the last year. That’s the slowest growth rate in over a decade! In fact, some areas of the country have seen a 2% decrease for the first time in a long time.
Despite its booming job market and favourability amongst working professionals, Leeds isn’t faring as well in 2023 either. Land Registry now lists the city’s average house price at around £235,647 – just 0.4% more than last year. In comparison, between July 2020 and July 2021, Leeds property prices increased by over 10% on average. And the same goes for 2021-2022.
With that said, experts are not forecasting a sudden housing crash, especially since inflation rates are slowly improving. Also, house prices remain considerably higher than they were pre-pandemic. So, if you bought before then, you should still be able to make a reasonable profit.
Is now a good time to sell a house in the UK or should I wait?
When weighing up when to sell your property in Leeds, you’ll need to consider more than just average property prices and time on market. The following factors can all impact the best time to list your home for sale to varying degrees. Let’s take a look at each one in turn.
Arguably the biggest talking point of the UK housing market right now are mortgage rates. And it’s no wonder given the influence they’re having on both demand and property prices. Money Week recently reported that with the Bank of England’s base rate at 5.25%, mortgage rates have risen to 6%. Some think this may be the peak as some lenders are starting to reduce their rates. Others think they may continue to increase until Spring 2024 before starting to fall.
Either way, the cost of borrowing money to buy a home has never been higher. This is putting many buyers off, particularly amidst the cost of living crisis. First-timers are likely to rent for longer and wait it out in the hope that rates fall. Landlords are also less likely to buy right now since profit margins are lower. Only cash house buyers like We Buy Any Home are unaffected.
Because of this uncertainty, it may be worth waiting to sell and monitoring the rate changes to maximise profit. Otherwise, you’ll need to be realistic with your asking price and expectations.
Another aspect to take into account are seasonal selling trends. For instance, spring is traditionally the time when most people are looking to buy. Properties tend to sell better during the longer daylight hours and when gardens are in bloom. Meanwhile, the summer holidays, busy Christmas period and dark winter months are generally less fruitful for sellers.
Autumn, on the other hand, is almost as popular as spring. This may be because kids are back at school or because graduates are entering the job market and looking for homes. Some people are also keen to move into a new property in time for Christmas. Whatever the reason, if you hope to move in the new year, it’s definitely worth listing your home in autumn.
Above all else, the best time to sell your property will be determined by your circumstances. You may need to relocate for a new job or upsize your home before the arrival of a new baby. In these cases, you won’t have time to wait around, since it could take 3-6 months to sell your home on the open market. Therefore, you’ll need to price your home more competitively.
Alternatively, if you already own a home and you’re in no hurry to move, it may be a good idea to wait. That way, you can keep an eye on mortgage rates and selling prices in your area. You can then list once things stabilise or improve. From there, you’ll have access to a larger bank of potential buyers and should hopefully achieve a higher price for your home.
Sell your house fast with We Buy Any Home
Struggling to sell your Leeds property in light of the current housing market? Don’t want to wait until next year to see if things get better? As well-established cash house buyers, We Buy Any Home can provide a fair and guaranteed sale within days. That way, you won’t have to turn down your dream home or run the risk of buyers failing to gain a suitable mortgage.