Since lockdown has eased, the property market in Leeds has well and truly sprung back in to life.
Due to a potent combination of key factors the market is now incredibly buoyant and we’re seeing an extraordinary appetite for both rental and sales properties across Leeds. In this blog, we take a quick look at the reasons why.
Pent Up Demand
During lockdown, everything was put on hold – including the property market. Many people planning to buy, sell, rent or move had their plans suddenly put on ice. For a good three months everything stood still, but as restrictions eased, people were keen to move forward with their original plans… and quickly! As such, we are dealing with a surge in enquires from pent up demand.
Time to Think
In addition to all those planning to move anyway, the experience of lockdown has had a further knock-on effect. The enforced time to ‘pause’ from the regular day to day meant people had time to take stock and reflect on what is important to them in life and in a home. Working from home, or having to manage the kids 24/7, has made people re-prioritise and re-evaluate their living situations. Perhaps it’s time for a home office, a bigger garden or simply time to ‘seize the day’ and find the forever home.
Changes in Circumstances
Lockdown brought different challenges for everyone including changes in work situations and relationship status. While it was reported that divorce enquiries were up by 40% during lockdown, on the flip side there have been many more engagements too! Whether downsizing, moving out or moving in, these changes are a significant contributing factor to the market demand as people move on.
Traditionally, the summer months are a quiet period for the property market, while people jet off abroad on their holidays. This year, however, things are completely different and people have ‘staycationed’ at a record rate. We’ve seen in influx of people looking for properties through what would typically be a very quiet time, and this demand shows no immediate sign of abating. Instead of sunning themselves on a beach holiday, more and more people are getting stuck into DIY projects, to get their homes in tip top shape ready to sell.
Leeds is home to thousands of students and has a huge student lettings market. After a period of concern, it is reassuring to know that all of the Leeds universities will resume teaching as planned this month. Usually the HMO market peaks by Easter, but this year many students held back from signing for their 2020 student property as uncertainty loomed over whether the universities would be able to operate on campus. The rental market is now running full steam ahead as students catch up on securing their homes for the next academic year.
Stamp Duty Holiday
The introduction of the Stamp Duty Holiday was a definitive move by the Government to kick start the property market after lockdown and it certainly seems to be working. With 89% of sales transactions no longer subject to stamp duty, there is a window of opportunity until 31 March 2021 for Investors and Buyers to take advantage of a reduced cost of moving.
We have just launched our residential sales arm and we’re witnessing very high demand for family homes in the surrounding suburbs of Horsforth, Rodley, Farsley, Calverley, Stanningley, Pudsey, Rawdon and Apperley Bridge. In addition, HMO properties – particularly in the key student areas – are proving very popular with our landlords and investors looking to strengthen their portfolio.
Thinking of Selling?
Now is a strategic time to sell while demand is high and stock levels are so low. Our high-quality marketing and fresh approach to sales will help your property reach the right people and stand out from the crowd. Contact our Sales Team to book in a Market Appraisal of your property and we can talk you best options for you.
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