The number of people buying apartments in Leeds city centre has increased to its highest level since the start of the downturn five years ago.
Morgans has recorded more sales in August than in any other month since September 2007 with both owner occupiers and investors returning to the market to purchase apartments ranging in price from between £100,000 and £250,000.
It’s incredibly encouraging to see sales demand returning to healthy levels. Buyers have tended to be young professionals and investors wanting to grow their portfolios and take advantage of the strong rental demand.
As usual it’s the apartments located in the higher quality schemes in the tried and tested locations that have appealed to buyers and the average sale price in August was around £160,000. Our sales figures provide an accurate representation of market activity in Leeds due to our market share and it looks like September is likely to be just as busy as August.
Leeds is a highly sought after place to live, which is evident from the 98 per cent occupancy rates we have enjoyed on our rentals portfolio of apartments over the last two years, and although the rentals sector continues to outperform the sales market, it’s great to see confidence levels rising and property sales gaining pace.
There is massive investment coming to Leeds over the next few years with Trinity Quarter, The Arena, The Trolleybus and super-fast broadband, to name just a few developments, and this gives confidence not only to investors, but also to those choosing to make their principal home in the city centre.
This news follows a major new report from The Halifax that reveals it’s cheaper to buy a property than rent one – see table.