The North Leeds property market has now hit boiling point and here's why
East, west and south Leeds have much to commend them but for many buyers nothing but the north will do. It commands the highest prices and is home to the greatest wealth and right now it is even more sought-after.
Estate agent Mark Manning, MD of Manning Stainton, says: “The market here is booming. It is absolutely incredible in terms of volume and activity.” Number crunching bears this out. In July this year, the business had double the number of sales compared to the same month in 2019 with sellers getting an average of 99.8 percent of the asking price compared to the usual 96 per cent, though some properties are soaring 15 to 20 per cent above asking price.
Mark says that a fifth of buyers are from outside the area but the rest are residents who are trading up and down the property ladder as those who settle in north Leeds tend to stay long term: “A lot of people looked at their home in lockdown and decided it was time to move. We also have a lot of people looking for somewhere with space for an office.”
While the surge may sound like good news, it is causing problems as mortgage lenders, surveyors and solicitors are not set up to deal with that level of work “The stamp duty holiday has poured fuel on the fire as it caused another surge in activity."
David Phillip who runs his eponymous agency from the beautiful village of Bramhope in north Leeds agrees: “People are looking for a change in lifestyle and this area provides wonderful properties as well as beautiful countryside, yet it is close to the centre of Leeds."
"Many people here are looking to trade up having been confined during lockdown and we are seeing more inquiries from would-be buyers in London who can get more ‘bang for their buck’. We currently have people on our database with two-bedroom properties in London who can purchase a lovely, family-size home in Bramhope for the same price.”
However, he warns against overpricing after some evidence to suggest that some agents are quoting big to win business.
The hottest spots in north Leeds right now are Roundhay and Oakwood followed by Chapel Allerton, says Mark Manning, who adds that one property in Roundhay priced at £365,000 recently had 40 viewings, 10 offers and sold for £415,000 .
Niamh Stevens who lives there says: “People love living in Roundhay and that is why many stay for decades or for life.
“There is a good mix of detached, semi-detached and terraces on tree-lined streets. We have the 750-acre Roundhay Park and great state schools, including Roundhay School, now designated a World Class School. There are also good shops, restaurants and bars and the city centre is 3.5 miles away but you can also drive to countryside in minutes.”
The next hottest market in the area is Chapel Allerton. Richard Regan of Northwood estate agents says: “Properties here are achieving their asking price with many selling within a week and some going to best and final offers. It has good schools, a great community, shops, bars and restaurants and it is close to the city centre. We are selling to owner occupiers and to investors as the rental market here is strong.”
Those priced out of Chapel ‘A’ are now heading next door into Chapeltown. “You will pay £300,000 for a four-bedroom house in a good area in Chapel Allerton,” says Richard. “The equivalent in Chapeltown is £200,000.”