Cost of Housing in Leeds

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<strong>Cost of Housing in Leeds</strong>
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Thinking of buying your first ever home in Leeds? Or maybe you want to upgrade your current house in Yorkshire’s biggest city? Either way, it’s important to be aware of the area’s housing market conditions and average costs before making a decision.

So, whether you want to live at the centre of the action or in a nearby commuter town, you’re in the right place. In this post, we’ll provide an overview of the latest house prices in Leeds, plus things to bear in mind when deciding on a location. We’ll also touch on some predictions for the rest of 2023, to help you choose the best time to buy.

What is the average house price in Leeds?

Known for its relative affordability despite several years of growth, the average house price in Leeds now stands at £237,043. According to Land Registry, that’s a 6.1% increase (as of Feb 2023) on the same time last year. It’s also around £50k less than the UK average – just one of many reasons why Leeds is continuing to grow. However, this figure varies depending on property type and location, both of which we’ll explore further below.

Leeds house prices by property type

Not sure which type of home you’d like to buy in the city? Affordability is a major factor to consider, as is the right size property for your needs. With that in mind, here are the average house prices in Leeds by property type as of February this year:

·         Detached – £444,706

·         Semi-detached – £255,595

·         Terraces – £194, 258

·         Flats – £152, 371

All of these prices have risen since early last year, though flats saw the smallest increase overall. This is likely reflective of demand, as 3 bedroom properties remain the most sought after homes in Leeds. In fact, family friendly semi-detached and terraced homes made up almost 70% of property sales in the last 12 months. And as such, continue to sell the fastest.

Where are the cheapest areas to live in Leeds?

If you’re working with a tight budget, you may be wondering where to live in Leeds to get the most out of your money. In that case, these are some of the cheapest areas in the city:

·         Holbeck – £126,714

·         Hunslet – £147,825

·         Harehills – £148,972

·         Beeston – £157,959

·         Armley – £163,378

·         Farnley – £175,573

According to Rightmove, the majority of properties sold in these neighbourhoods over the last year were terraced homes. Flats in the city centre also come in well below Leeds’s average house price at £172,135. Meanwhile, in Seacroft, you can buy a larger semi-detached property for around £201,234.

Each of these areas is within easy reach of the main attractions and workplaces, however, they do come with downsides. Namely, the properties have less kerb appeal and many of these neighbourhoods have higher crime rates than others further out. Because of this, it may be worth expanding your search if you’re after somewhere suitable for raising a family.

Other affordable areas to live in Leeds

Looking for pleasant areas with middle of the road house prices in Leeds? Then these safer yet still relatively affordable locations could be perfect:

·         Morley – £222,246

·         Kirkstall – £228,122

·         Pudsey – £232,594 (avg. terrace price £197,920)

·         Oakwood – £263,850 (avg. terrace price £240,068)

·         Meanwood – £275,060 (avg. terrace price £244,659)

Morley and Pudsey are both great places to live in Leeds for families, while Kirkstall and Oakwood are popular with working professionals. Meanwood, on the other hand, offers the best of both worlds. You’ll find it between the student district of Headingley and trendy, family orientated Chapel Allerton – minus the high price tag.

Alternatively, if you want to live even closer to the city centre, Woodhouse is a top choice for students and graduates. Average houses cost £251,197 and there are lots of cheap flats too.

It’s also worth noting that while most of the houses sold in Pudsey, Oakwood and Meanwood in 2022 were semi-detached, terraced homes there cost significantly less. So to make your budget go further (and avoid having to squeeze into a flat), we’d suggest exploring those too!

What is the most expensive place to live in Leeds?

On the other end of the spectrum, if money is no object, these are the city’s most affluent areas:

·         Scarcroft – £937,778

·         Collingham – £644,135

·         Bramhope – £586, 745

·         Harewood – £546,667

·         Ilkley – £503,409

·         Wetherby – £465, 719

·         Alwoodley – £406,311

·         Adel – £388,897

Home to Yorkshire’s most expensive street, Ling Lane (or Millionaire’s Row to locals), Scarcroft easily tops the list. Properties in this area are mostly large, detached homes, and the same goes for the majority of the locations listed. However, somewhat more accessible semi-detached homes and flats are also available in these wealthy neighbourhoods.

Interestingly, all of these areas are situated north of the city, from 6-16 miles out. As such, if you’re not sure where to live in Leeds but you’d like a rural base, any of them could be ideal.

Will house prices increase or decrease in Leeds?

In the last 12 months, house prices in Leeds have increased across the board. Some of the areas that have seen the biggest price hikes include:

·         Scarcroft – up 40%

·         Woodhouse – up 19%

·         Farsley – up 18%

·         Collingham – up 17%

·         Harewood – up 16%

But according to home.co.uk, sales are down across all property types in Leeds by more than 40% compared to last year. In total, 669 homes were sold in February 2022, while only 360 were in February 2023. This is backed up by the Office of National Statistics, which has identified a fall in UK house prices for 3 consecutive months since the high in November.

There are several reasons for this, including a slowing market due to higher mortgage rates and the ongoing cost of living crisis. As a result of this decreasing demand, prices are finally starting to drop. And while estimates vary among experts – 5% (Zoopla) and 8% (Leeds estate agent HOP) – almost everyone is expecting this downward trend to continue in 2023.

More affordable house prices in Leeds for the rest of the year is great news for first-time buyers. Particularly since Skipton Building Society has just launched a no-deposit mortgage to help long-term renters get onto the property ladder. However, some sellers may wait until prices increase in 2024 before listing their home. Due to this, buyers will have fewer choices, but if you can find the right property, you’ll get more house for your money than last year.

Sell your house fast in Leeds

If you’re looking to sell your house fast in Leeds despite decreasing demand, look no further. We Buy Any Home are one of the UK’s most trusted cash house buyers and we’ll purchase homes in any condition and any location. So whether you’re thinking of selling in Hunslet or Beeston, or somewhere more affluent like Bramhope or Adel, we can help.

From arranging the initial estimate to instructing solicitors and carrying out surveys, we’ll manage the entire process on your behalf. Better still, there are no hidden fees and the fund could be in your account within just 7 days. To get started, apply for a free, no obligation cash offer from us now by entering your postcode in the box below. We’ll get back to you as  soon as possible to run through the quote and answer any questions.

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