MANCHESTER, ENGLAND, October 26, 2012 /24-7PressRelease/
-- There has been significant change within the Leeds and Yorkshire housing markets in recent years, despite the fact that nationally house prices continue to tread water.
Over the last decade, prices in both the city and the region have experienced significant change. Since 2002 the average property price in Leeds has increased 47%, from GBP92,987 to GBP137,030 in 2012. However, in the last five years, when the market has fallen from its peak this figure has dropped 18% from an average of GBP167,988 in 2007.
Regionally property prices have increased 62% (GBP81,522 to GBP131,727) since 2002, meaning both the local and regional averages have outperformed the UK increase of 38% in the last decade.
Andrew Eastwood, Halifax
Regional Director for Yorkshire, comments: "In the last 10 years we have seen the City attract more first time buyers, due to the lifestyle and amenities it offers. With prices settling down over the last five years, properties have become more affordable
and increasingly accessible to a wider audience, as a result of more supportive being available from both lenders and builders.
"The excellent commuter links will ensure Leeds City Centre remains significant to the region's property market, whilst homes in the wider Leeds area and Yorkshire region will continue to appeal to buyers looking for greater affordability and a different balance between location and size."
Postcode Price Changes
Of 13 Leeds postal areas included in Halifax's analysis all have experienced rises in the average property price since 2002.
Beeston and Holbeck have seen the greatest increase over the last ten years, rising 107% from GBP41,147 in 2002 to GBP85,123 in 2012. The smallest increase (6%) was in LS14, which includes Seacroft and Thorner, where average prices now stand at GBP98,816.
First Time Buyers
The average price of property bought by first time buyers in Leeds has increased by 65% in the last decade, which is less than the regional increase of 83%.
In the 12 months to July 2002, the average price of a property on the first rung of the ladder in the city cost GBP67,486 (Yorkshire and the Humber GBP55,493) with this figure now standing at GBP111,497 (Yorks GBP101,803). However, in 2007 this amount was GBP127,086 representing a fall of 12% in the city in the last five years.
At GBP22,033 the average first time buyer deposit
in the city slightly higher than the regional average, which stands at GBP19,038.
Difference in Property Types
Bungalows are the only property type which has a higher average price in Yorkshire and the Humber than Leeds. Regionally the average price for a bungalow is GBP150,908, whilst in the city this stands at GBP147,137.
All price figures refer to the arithmetic average of house prices and have not been standardised. These prices are not standardised and therefore can be affected by changes in the sample from year to year. The data covers the period 2002 to 2012 and has been extracted from the Halifax House Price database. The figures cover the 12 months to July 2012.
"This report is prepared from information that we believe is collated with care, however, it is only intended to highlight issues and it is not intended to be comprehensive. We reserve the right to vary our methodology and to edit or discontinue/withdraw this, or any other report. Any use of this report for an individual's own or third party commercial purposes is done entirely at the risk of the person making such use and solely the responsibility of the person or persons making such reliance."
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