Why buy in Leeds
Leeds is a popular city because of its more affordable house prices, its growing number of businesses and its buzzing cultural scene.
It attracts a lot of young professionals and students.
Some of the reasons to buy in Leeds are its:
great shopping areas
selection of good universities
diverse population
thriving business sector, including startups and bigger businesses
bustling creative scene
many great places to eat and drink
transport links to other towns and cities
vibrant nightlife
surrounding beautiful countryside
The lower house prices and cost of living is another reason for the city’s increasing popularity.
Leeds property
Buying a home is a big decision, so it’s good to know what the housing market is like in the places you want to live.
In Leeds:
there were around 357,750 residential properties as of 31 March 2020 ¹
around 39% of those properties were in Council Tax band A, meaning they are properties valued under £40,000 in 1991
62,310 (19.4%) of households lived in privately rented homes according to the 2011 census ²
Here’s a rundown of the number of properties in Leeds by property type:
Detached - 39,720
Semi detached - 109,800
Terraced - 99,450
Flat/Maisonette - 82,030
Other - 4,170
Leeds house prices
Leeds house prices are rising, but they’re still lower than many other major UK cities.
The average house price in Leeds between January 2020 and January 2021 was about £195,000, which is a lot less than the UK average of about £239,000. ³
In Leeds the average property price for a:
detached house is £352,694
semi detached is £207,728
terrace house is £159,197
flat is £133,958
The cost of living in Leeds
Living in Leeds is cheaper than in cities in the south of England. This is one of the reasons why many Londoners have moved north to live in Leeds.
Between 2013 and 2018, the number of Londoners moving to Leeds increased by 58%.⁴
Here are some examples of what things cost in Leeds:
A regular cappuccino - £2.92
A pint of beer - £3.70
A monthly travel pass - £60
Gym membership per month - £29.18
Cinema ticket - £8.75
First time buyers in Leeds
Leeds’ lower house prices and its popularity with young people make it a good place for first time buyers.
Between February 2020 and February 2021, the average house price for first time buyers in Leeds was £166,825. This is less than the £214,601 average in England. ³
Like London and Manchester, the average age of a first time buyer in Leeds is 26. ⁵
Best places to buy in Leeds for first time buyers
The best places for first time buyers can vary depending on what you can afford, where you want to work and the kind of home you’re looking for.
See some of the best places to live in Leeds below.
Buy to lets in Leeds
Leeds has plenty of opportunities for people wanting to buy a home to rent out to tenants.
The large student population in Leeds means there’s a lot of demand for rented accommodation.
In fact, Leeds is currently short on housing for the number of young professionals and young families moving into the city. This makes Leeds a competitive opportunity for landlords. ⁶
You will need to make sure you have the right kind of mortgage if you decide to rent your property out. Find out more in our buy to let and landlord guide.
New builds in Leeds
A new build home will cost more than an older property.
Between February 2020 and December 2021 the average cost of:
a new build was £247,638
an older property was £190,023
At £490,693, a new build in London during the same time period would cost a lot more. ²
Best places to live in Leeds
Horsforth is always mentioned as a great place to live for anyone looking to move away from the city centre but still be somewhere well connected.
It’s a picturesque suburb that boasts some great schools, shops and independent businesses.
Trains, buses, and even an airport mean Horsforth has great links to many different places. Leeds Bradford Airport is just 5 minutes away by car.
Also considered the ‘Notting Hill of the North’, Chapel Allerton is only a 15 minute drive away from Leeds city centre.
It’s a popular spot for young professionals and families because of its bustling centre and various cafes, shops, bars and restaurants.
Although Headingley is most well known for its student population, it’s becoming popular with a wider range of people.
The town centre has plenty of places to shop, eat and drink.
Another point of appeal is that there are 2 different train stations with great links to Leeds, Harrogate and York. Choose from Headingley station or Burley Park depending on where you are in Headingley.
For people who want somewhere greener, Otley could be the ideal place to set up a home.
Otley is a historic market town that has plenty of pubs, farmers’ markets and new bars and cafes.
This formerly industrial area in the city centre now boasts stunning luxury flats and great places to go on a night out.
With its scenic riverside views, urban architecture and selection of cool cafes and bars, Leeds Waterfront attracts anyone looking to live in the hustle and bustle of the city.
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Sources
¹ Council Tax Stock of Properties (Valuation Office Agency (VOA)
² 2011 Census
³ HM Land Registry
⁴ The Guardian
⁵ NetHousePrices
⁶ Aspen Woolf