According to figures gathered from the Halifax’s housing statistics database, the average house price in Leeds has gone up by almost half since 2002. The two areas that experienced the highest price rises were Holbeck and Beeston, where prices more than doubled from £41,000 in 2002 to £85,000 in 2012.
The average property price in Leeds was also shown, however, to have dropped by around 20% in the last five years. House prices both regionally and locally have outperformed the national average of 38% over the last decade, with Yorkshire & the Humber going up by 62%.
In 2011, with an average house price of 118,511, Yorkshire & the Humber was the cheapest region in England. The Halifax’s housing statistics database goes back as far as 1983, when the average house price in the region was recorded as £23,090. Adjusted for inflation, that’s still only £63,930, meaning that since their records began, house prices in the region have increased approximately 93%.
Andrew Eastwood, Halifax regional director for Yorkshire, said, “The excellent commuter links will ensure Leeds city centre remains significant to the region’s property market, whilst homes in the wider Leeds area and Yorkshire region will continue to appeal to buyers looking for greater affordability and a different balance between location and size.”
Commenting on the UK’s slight house price growth over the first nine months of 2012, Martin Ellis, housing economist, said, “Overall, there has been very little change in the average UK house price so far this year. There is, nonetheless, evidence of a slight deterioration in the trend recently with prices in the three months to September 0.5% lower than in the previous quarter. The average price fell by 0.4% in September; the third successive monthly decline.
“The generally weak economic climate remains a significant constraint on housing demand. The relatively low level of mortgage payments in relation to income, however, continues to provide support for house prices. We expect house prices to be broadly unchanged over the rest of this year and into 2013.”