If you’re living in Chapel Allerton or Meanwood, you’re sitting on hot property. North Leeds has quickly established itself as one of the most sought after suburbs of the city and we’re experiencing a shift in demand as more new and existing city dwellers look to relocate.
On Rightmove and Zoopla, there are around 20,485 searches a month for properties for sale in LS6 and 36,961 searches a month for Chapel Allerton*. That equates an enormous number of potential buyers viewing North Leeds as the place to be and puts sellers in a very strong position.
Not only that, but here at Parklane Properties we find that properties sell quicker in spring and also achieve higher prices than other times of the year, making right now the ideal time to consider putting your property on the market.
Recognising the potential for both buyers and sellers in the area, Parklane Properties is offering the lowest sales fees in North Leeds in the hope that those currently looking to sell will take advantage now that spring is in the air.
In addition, increased stamp duty on buy-to-let properties has come into force from 1st April. This means that those investing in property to let will have to withstand a three percentage point stamp duty increase. It is hoped that this will open up the market for residential buyers by making buy-to-let a less attractive investment opportunity.
In the short term, Parklane Properties has seen an influx of exchanges on buy-to-let properties in March as many investors took the opportunity to purchase properties before the tax increase came into effect. This in turn has impacted on the supply of properties currently on the market and as demand continues to exceed supply, this has contributed to an increase in property prices.
According to Rightmove, the average property price in England and Wales increased by 1.3 per cent to £307,033 this month, 7.3 per cent higher than April last year.
In Yorkshire, the average house price rose by 0.4% from March to April 2016, bringing the average property price up to £174,585, a 2.5% increase on April 2015.
So, what does all this mean? In a nutshell, property in North Leeds, and indeed across the city as a whole, is in hot demand, making it an ideal time to consider putting your property on the market.
If you’re thinking about selling your home, call in and speak to our sales team for further information on what this means for you.
*This is based on rough estimates which includes LS7 & Chapel Allerton.
For more information on property inquiries
please call us on +44 (0)113 237 0000 or email us LS1@parklaneproperties.com
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This post was written by John I