Property budgets climb 16% in Leeds as Home Buyers adapt to volatile mortgage rates

Provided by leading new homes property website, newhomesforsale.co.uk, this latest data has revealed that the average budget for Home Buyers in Leeds now stands at £274,592, being a 16.02% increase on the £236,674 budget recorded in Q1 2023.

The website, which lists nine new build developments located in and around Leeds city centre, has also confirmed that Home Buyers have now accumulated an average deposit of £37,562, being 13.68% of their target property purchase price.

With this budget just shy of England’s average property price of £282,776, as recorded by the UK House Price Index in March 2024, Home Buyers looking for a new build in and around Leeds can afford a 2–3-bedroom house or apartment, depending on location.

This news comes as the Bank of England held the interest rate at 5.25% in May 2024, resulting in an increase in mortgage rates across all major lenders as at the start of June 2024.

Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk said: “The last 18 months or so has been quite challenging for the UK property market, as Home Buyers battle with volatile and stubbornly high mortgage rates Vs their want to move house – be that to a larger property, to downsize or move locations.

However, despite the uncertainty that surrounds mortgage rates, property prices have continued to hold strong, and in many regions throughout England have actually increased in value. This includes a slight increase in Leeds, where the average price for detached properties rose by 4.7% and the average price for terraced properties increased by 3.4%.”

Established in 1998, New Homes for Sale features over 2,400 developments from national house builders, housing associations and estate agents from across the UK and has established an unrivalled position within the new build sector.

For more information about New Build Homes in Leeds, visit: https://www.newhomesforsale.co.uk/new-homes/west-yorkshire/leeds/