Thinking of selling your West Yorkshire property? A recent Rightmove report found that Leeds is now home to one of the country’s 10 best housing markets. In fact, an impressive 73% of properties listed for sale in Roundhay to the northeast of the city, have been ‘Sold Subject to Contract’ this year. That’s despite a slowing property market in the current economic climate, with fewer homes being listed and fewer overall sales. But how long can you expect to wait for an offer? And what if you’re still struggling to sell? Read on for everything you need to know.
How quickly do most houses sell in Leeds?
Although the majority of properties listed in Leeds are selling successfully, they aren’t being snapped as quickly as previous years. According to home.co.uk, the typical selling time for a home here in the last three months was 52 days. However, one-bedroom flats and detached properties with higher price tags generally take longer – around 70-80 days on average.
In addition, their research suggests that houses are remaining on the market around 17% longer than this time last year. That said, sold prices are rising steadily after a considerable dip earlier in 2023. This is no doubt due to the Base Rate and mortgage interest rates levelling out after multiple hikes. But there are mixed opinions on what will happen to prices in 2024. Some studies forecast a small increase, while others predict a 2% fall before things start to improve.
What time of year do most houses sell?
Looking at Leeds data from the past 4 years (excluding 2020 due to the pandemic’s impact), we can see some interesting trends. Firstly, March is one of the most consistent months for a good amount of sales across the city. This trend is reflected across much of the country, with more homes listed in spring and greater buyer interest post-Christmas.
With that said, the summer months also perform surprisingly well, despite the hectic school holidays which have been known to deter buyers. In contrast, January and May tend to see the fewest property sales in Leeds. Find out more about the best time to sell on our blog.
Where are houses selling fastest in the UK other than Leeds?
Keen to know where else properties are selling quickly? Maybe you’re looking for your next investment home to refurbish and flip to eager buyers? If so, Zoopla has produced a list of locations where homes have been selling fastest this autumn. Their top picks are:
- Liverpool – 17 days
- Manchester – 21 days
- Salford – 23 days
- Basingstoke and Deane – 24 days
- Waltham Forest, London – 24 days
- Sheffield – 24 days
- North Tyneside – 25 days
- Newcastle – 25 days
As you can see, this points to buyers moving to more northerly cities as affordability becomes the priority. Meanwhile, properties in the south and midlands that require bigger mortgages are generally taking much longer to sell. And Leeds didn’t make the list of quickest sellers either.
This could be due to the larger, slower selling homes in the city’s affluent northern suburbs skewing the data. Or it may be down to the numerous back-to-back houses found in poorer neighbourhoods which lack appeal. Still, as Rightmove states, nearly three quarters of homes listed for sale in Leeds do sell. It may just take longer to receive offers on certain properties.
Are you struggling to sell your property in Leeds?
If your house in Leeds is proving particularly difficult to part with, don’t panic. There are many reasons why your property may not be attracting interest – some of which are easily resolved. And even if the issue can’t be fixed, there are alternative routes you can take instead. Let’s first take a look at what may be making your flat or house difficult to sell.
What makes a house difficult to sell?
The wrong asking price
First off, setting the right asking price for your home is crucial to ensuring a timely sale. If a house is priced too high, it may deter buyers with a set budget or those who view the property as overpriced compared to others. On the other hand, pricing it too low may raise concerns about the condition of your home.
With that in mind, you should research the property market for your area before listing. You can see what similar homes are listed for online by checking estate agent websites. Just bear in mind that asking prices are often higher than actual sale prices, so you’ll need to be flexible. For reference, the average selling price in Leeds is now £247,177 across all property types.
Another factor that can make a house harder to sell is its condition. Buyers often look for homes that are ready to move into, so if your house needs updating it may be less appealing. This is often the case when properties are inherited, having been lived in for many years. To remedy this, consider repainting, recarpeting or replacing outdated fixtures and appliances to improve its aesthetics. Similarly, if a house is cluttered or untidy, your property will be much harder to market. Essentially, you want it to look the best it can – don’t forget the garden!
However, if your house has structural issues, like foundation problems or water damage, it won’t be quite as simple. To improve your chances of selling on the open market, you’ll likely need to pay for the repairs yourself. Otherwise, you’ll need to find a cash buyer willing to take them on. And this, of course, will dramatically reduce your pool of potential buyers.
An undesirable location
The last key reason that your home may not be selling is its location. A house located in a less desirable part of Leeds such as Armley, Osmondthorpe or Beeston West where crime rates are known to be higher, will be tougher to sell. Likewise, those in areas with limited amenities or noisy surroundings may struggle to attract buyers. Unfortunately, there isn’t much you can do about this other than promoting the property’s other perks. And reducing the asking price.
How We Buy Any Home can help sell your home in Leeds
Don’t have the cash to renovate an outdated property you’ve inherited? Having a hard time convincing buyers to invest in a house situated in the city’s inner suburbs? Or perhaps you just want to sell your flat fast to free up funds as soon as possible. Whatever the situation, We Buy Any Home can help you sell your Leeds home in just 7 days.
Better yet, as cash house buyers with no loan restrictions and readied funds, we will buy properties in any condition. That includes those with structural problems or non-standard design elements that make them unmortgageable. The location of your home doesn’t matter to us either! We cover the whole city, from Horsforth to Hunslet and bordering suburbs too.