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    Property Market Forecast

    16% Growth

    According to a report by Savills, Leeds’ forecast gross value is expected to outperform the national averages over the next 10 years with an impressive growth of 16%.

    In Leeds, a significant factor of the growing economy is the healthcare sector. Employment within health and social care in the city has grown by 16% since 2019 which is more than double the rate in the rest of the UK, which grew by 7% on average

    This growth is largely supported by the launch of Nexus at the University of Leeds which will help collaboration and help provide new ideas across the city. There will be many new opportunities, which will attract more than 60 start-up businesses that will be based around the city. Talent and retention will be a crucial factor in attracting key employers to the city to grow their businesses. 

    Top Performing

    Property Market

    Currently, Leeds still offers one of the lowest rents among the six large regional cities, therefore, many buyers look in this area to find affordable rents as well as an incredible city.

    However, new infrastructure is underway with the upcoming regeneration projects due for completion this year. These upgrades will deliver new buildings leading to a boost in the supply of Grade A space within the city. Therefore, rents will be pushed up and it will attract large businesses as a result of the opportunity to acquire standout office space.

    Leeds property market has been one of the top 5 cities in the UK for capital growth for many years. Furthermore, Leeds is currently undergoing one of the largest regeneration projects in Europe. This project will provide over 35,000 jobs and will double the size of the city centre, boosting property prices, due to the predicted rise in demand. 

    Average House Price of £239K | up 4% YOY

    In March, the average house price in Leeds was £239,000, up 4.0% compared to March 2023. Across Yorkshire and the Humber, the average house price in March 2024 was £210,000, showing that Leeds is flying above average prices. This data shows that, in March 2024, Leeds had one of the highest average house prices across Yorkshire and the Humber.

    In the UK, the average price for a house sold was £286,000 in March 2024, which was up slightly from the 2023 average of £281,000. The average sold price for a property in Leeds in the last 12 months was £273,698. 

    Renting privately in Leeds now costs £1,087 PCM on average, which is an annual increase of 7.7% from April 2023. The wider region of Yorkshire and the Humber only experienced a growth of 7.4%. Average rent for a one-bed property increased by 8.5%, whereas the average for a four-or-more-bed property increased by 6.2%. Showing a growth in demand for one to two-bed properties is rising quicker than other properties.

    Buyer Trends

    FTB, average property price paid:

    • Leeds 2024: £283,000
    • UK 2024: £204,000
    • UK 2023: £196,000

    Mortgage buyers:

    • Leeds average 2024: £245,000 | 4.2% growth from 2023
    • Yorkshire and the Humber average 2024 : £215,000

    Cash buyers

    • Leeds average 2024: £221,000
    • Leeds average 2023: £214,000 

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