Leeds Property Market Update December 2020

In the wake of the second lockdown, the Leeds property market has remained stable in December. Sellers, buyers and estate agents alike have learnt the lessons from the first lockdown earlier in the year and despite the Tier 3 lockdown in Leeds, have adapted their ways of working to ensure that the property market remains open for business as usual.  

Rightmove House Price index December 2020

Sales Update

House prices remain buoyant and demand for properties remains high, with buyers looking to capitalise on the savings brought about by the stamp duty holiday.

While this demand is expected to reduce somewhat as the scheme comes to an end in March, because of the sub £150,000 price-point that we typically purchase at, we don’t expect to see any dramatic market movements.

Rightmove forecasts that the national average house price growth in 2021 will be around 4%. And since the Leeds market should be growing at a faster rate than the national average, the properties we purchase may increase by up to 10% as there is strong evidence that people will continue to prioritise their housing needs in the wake of the pandemic.

Mortgage Update

As has been the case for the last few months, the increase in demand for properties has continued the delays in the mortgage market, with the turnaround time on mortgage applications still taking a lot longer than we have been used to 

However, over the last few weeks we have started to see more valuations being carried out and mortgages being offered which indicates that confidence is returning to the mortgage market as the COVID vaccine becomes more widely available and we come closer to a Brexit deal. 

Lettings Update

The lettings market remains strong with most properties going above the expected rent, which is excellent news for our landlords! The increase in demand for good properties to rent comes from tenants wanting a change of scenery or more space as working from home becomes the new normal. This has left tenants competing for properties and landlords able to select from a pool of good quality applications. 

 

As usual, we are anticipating a lul between Christmas and the New Year, followed by a strong start start to 2021. This time of the year is perfect for considering and creating resolutions for the year ahead, and many people will see it as an opportunity to draw a line under 2020, which may well include a fresh start in a new home in 2021. 

In the wake of the second lockdown, the Leeds property market has remained stable in December. Sellers, buyers and estate agents alike have learnt the lessons from the first lockdown earlier in the year and despite the Tier 3 lockdown in Leeds, have adapted their ways of working to ensure that the property market remains open for business as usual.  

Rightmove House Price index December 2020

Sales Update

House prices remain buoyant and demand for properties remains high, with buyers looking to capitalise on the savings brought about by the stamp duty holiday.

While this demand is expected to reduce somewhat as the scheme comes to an end in March, because of the sub £150,000 price-point that we typically purchase at, we don’t expect to see any dramatic market movements.

Rightmove forecasts that the national average house price growth in 2021 will be around 4%. And since the Leeds market should be growing at a faster rate than the national average, the properties we purchase may increase by up to 10% as there is strong evidence that people will continue to prioritise their housing needs in the wake of the pandemic.

Mortgage Update

As has been the case for the last few months, the increase in demand for properties has continued the delays in the mortgage market, with the turnaround time on mortgage applications still taking a lot longer than we have been used to 

However, over the last few weeks we have started to see more valuations being carried out and mortgages being offered which indicates that confidence is returning to the mortgage market as the COVID vaccine becomes more widely available and we come closer to a Brexit deal. 

Lettings Update

The lettings market remains strong with most properties going above the expected rent, which is excellent news for our landlords! The increase in demand for good properties to rent comes from tenants wanting a change of scenery or more space as working from home becomes the new normal. This has left tenants competing for properties and landlords able to select from a pool of good quality applications. 

 

As usual, we are anticipating a lul between Christmas and the New Year, followed by a strong start start to 2021. This time of the year is perfect for considering and creating resolutions for the year ahead, and many people will see it as an opportunity to draw a line under 2020, which may well include a fresh start in a new home in 2021.