C4P Estate Agent are pleased to present this report on Leeds housing market for the months of January and February 2016. (Please click for the similar report for 2015.) The report is based on data received form Land Registry website for all LS post codes.
Although the number of transactions fell sharply in 2016, Leeds Housing Market continued to perform in positive direction in 2016 as well. The trend started at the end of 2014 and continued in whole of 2015. The average price has increased to £213,041 in Feb 2016 from £204,935 in Dec 2015, an increase of 4%.
February 2016 saw a massive decline in number of transactions. January 2016 sold 773 properties at an average price of £216,631 whereas February 2016 sold only 415 properties at an average price of £206,353. Total number of properties sold was 1,188 in two months (January and February 2016) at an average price of £213,041. If we compare these two months with the similar period of 2015, following picture emerges:
|Total Properties sold in Leeds in Jan/Feb|
|Average Sold Price|
No of transactions along-with average values in Leeds in Jan/Feb 2016.[table id=25 /]
Average prices for semi-detached houses and flats continued to increase in Feb 2016 whereas average prices of Detached Houses have seen a slight fall. Average prices of Terraced Houses, which are usually bought for investment purposes by buy-to-let landlords, decreased sharply in Feb 2016 mainly because various new measures introduced by Chancellor to calm the buy to let industry. See our relevant blogs.[visualizer id=”7003″]
Following chart depicts the trend of number of transactions in Leeds in 2015 and 2016. On the peak, 1430 transactions changed hands in June 2015 where as in Feb 2016, only 415 properties were sold. The impact of Chancellor’s attack on landlords is bearing impact on the buy-to-let industry.[visualizer id=”7015″]
Following charts shows the number of properties sold in each LS post code during the Year 2015. The major activity was seen in LS17, LS27, LS28 and LS29 where in total 3,273 houses were sold which is 24% of the all houses sold.[visualizer id=”7017″]
Percentage of total houses sold in each LS post code.[visualizer id=”7024″]
Following chart shows the number of properties sold in each LS post code in January and February 2016.[visualizer id=”7038″]
For comparison purposes, another chart is produced below showing no of properties sold in each LS post in comparable period i.e. January and February 2015.
It is clear from the above charts that the housing activity in all over Leeds has declined sharply in 2016.
Government claims that all recent changes in legislation are just to punish the buy to let investors and to encourage the first time buyers. First time buyers usually buy newly built homes because of number of incentives available to them in shape of help to buy schemes introduced by the Government. This chart shows that the activity in newly built homes has also slowed down considerably.[visualizer id=”7040″]
Only 5 newly built houses are sold in February 2016 and in January 2016, only 28 houses are sold. This is a bad news for the housing industry especially when there is a severe housing shortage in the country. Chancellor should revisit his stance about the buy to let industry as it seems to be the driving force in newly built construction activity.
Property Analyses are prepared by C4P Estate and Letting Agents from Land Registry Data.