The Leeds Buy to Let Property Market Update June 2021  

It’s been another busy month at Lifestyle Property People!

In general, the BTL property market has finally started to return to some normality and we expect this to continue over the next 2 quarters. This is welcome news for our clients and for investors across the country.

Buy to Let Purchase Update

The frenzy of buyers created by the announcement of the stamp duty holiday has finally started to subside now that we have passed the June deadline. This is encouraging given that purchases under £250,000 are still exempt from the standard rate of stamp duty.

There have also been more properties coming to the market, owing to sellers feeling more comfortable letting people into their homes. We have been averaging 6 or 7 viewings a week, compared to just 2 or 3 a quarter ago. This supply-demand rebalancing has allowed us to agree 4 sales in June.

Some people are preparing for holding out for a reduction in property prices, however, we expect that, in reality, prices will continue to increase and it is just the growth rate that will slow.

Leeds Buy to Let Mortgage Update

The trajectory of the mortgage market is also encouraging.  

Limited company mortgage rates have come down to an all-time low of 2.75% for a 2-year fix and 3.1% for a 5-year fix with Paragon Bank. Mortgage rates in Personal name have also reduced to sub 2% with high street lenders like Santander and Barclays Bank. 

June Mortgage Rates | Lifestyle Property People

As well as this, lenders have taken staff off furlough as they become more optimistic about the property market, and this has caused a reduction in lead times. Although purchases are still taking longer than usual to complete, we expect service levels to continue to improve as we move forward.

Leeds Lettings Update

The Leeds lettings market is holding strong and even though we have started to be a little less cautious, we keep being surprised by the rents we are securing for our clients. Most tenants also seem happy to agree longer tenancy terms, meaning greater security for the landlord.

In the last month, we have rented 3 properties, all of which have been let at a higher rate than we initially illustrated to our clients. This has significantly increased the actual return clients are achieving, however in order to ‘Under Promise and Over Deliver’ on our service, we continue to err on the side of caution.

If you want to find out how we can help you get started on your property investment journey, register your interest today!

It’s been another busy month at Lifestyle Property People!

In general, the BTL property market has finally started to return to some normality and we expect this to continue over the next 2 quarters. This is welcome news for our clients and for investors across the country.

Buy to Let Purchase Update

The frenzy of buyers created by the announcement of the stamp duty holiday has finally started to subside now that we have passed the June deadline. This is encouraging given that purchases under £250,000 are still exempt from the standard rate of stamp duty.

There have also been more properties coming to the market, owing to sellers feeling more comfortable letting people into their homes. We have been averaging 6 or 7 viewings a week, compared to just 2 or 3 a quarter ago. This supply-demand rebalancing has allowed us to agree 4 sales in June.

Some people are preparing for holding out for a reduction in property prices, however, we expect that, in reality, prices will continue to increase and it is just the growth rate that will slow.

Leeds Buy to Let Mortgage Update

The trajectory of the mortgage market is also encouraging.  

Limited company mortgage rates have come down to an all-time low of 2.75% for a 2-year fix and 3.1% for a 5-year fix with Paragon Bank. Mortgage rates in Personal name have also reduced to sub 2% with high street lenders like Santander and Barclays Bank. 

June Mortgage Rates | Lifestyle Property People

As well as this, lenders have taken staff off furlough as they become more optimistic about the property market, and this has caused a reduction in lead times. Although purchases are still taking longer than usual to complete, we expect service levels to continue to improve as we move forward.

Leeds Lettings Update

The Leeds lettings market is holding strong and even though we have started to be a little less cautious, we keep being surprised by the rents we are securing for our clients. Most tenants also seem happy to agree longer tenancy terms, meaning greater security for the landlord.

In the last month, we have rented 3 properties, all of which have been let at a higher rate than we initially illustrated to our clients. This has significantly increased the actual return clients are achieving, however in order to ‘Under Promise and Over Deliver’ on our service, we continue to err on the side of caution.

If you want to find out how we can help you get started on your property investment journey, register your interest today!