There were two pieces of good news for home buyers and also first time buyers in Leeds this week. The property market has been tough in recent years with the country still recovering from the economic downturn in 2008 and then the uncertainty surrounding the Brexit negotiations with first time buyers especially feeling the strain.
Despite this, 2017 saw a strong increase in first time buyers in Yorkshire and across the UK. The study by the Halifax bank saw numbers beat the previous year and almost match the numbers shown in the buoyant period just before the property crash in 2008. In Yorkshire, the number of first time buyers broke the 30,000 mark for the first time since 2007.
Halifax does however, provide some warning for first time buyers in Yorkshire and across the UK. Firstly, showing that deposits for first time buyers have almost doubled since 2007 with the average now over £33,000 across the UK. The average deposit for a first time buyer in Yorkshire moved over £20,000. The study also showed that the average age of first time buyers is increasing and beyond the age of 30. Leeds based estate agency Manning Stainton provided some guidance for first time buyers here.
The good news for Leeds buyers continued with property experts JLL predicting stability for the housing market in Leeds and moderate price growth over the next five to ten years. The property company dubbed it a “new housing paradigm” that needs to be “embraced and welcomed”. They admit that it won’t excite buyers and sellers in Leeds too much but believe it will lay the foundations for a far better market in the years to come.
The news was especially good for regional, northern housing markets like Manchester, Liverpool and especially Leeds with the local economy expected to exceed national averages and excel past the majority of its northern neighbours barring Manchester. The report concludes that “there is a strong appetite for high quality owner occupier stock in Leeds. We expect demand to significantly outstrip available supply over the next five years”.