Leeds property news: ‘Prices rising too rapidly’

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A Leeds property expert has described the Leeds market as “buoyant” with buyers falling over themselves to snap up properties - but it came with a warning: that house prices are rising too rapidly.

Ian Preston, managing director of estate and letting agent Preston Baker, said the spike in house prices threatened to choke any economic recovery locally.

He said: “We are seeing rapid house price inflation in York and North Leeds which if it continues at this pace it will choke off the recovery in terms of volumes. My ideal outcome is to see a rapid increase in the number of new instructions to balance the supply and demand equation and allow a sustainable recovery in the housing market in Yorkshire which is what we are all looking for.”

Commenting specifically on North Leeds he said: “This market is incredibly buoyant. Every sale that occurs is going for more than the last one went for on the street, asking prices are being set in the manner that they were in 2002. Frankly it is astounding the value that some people are achieving.”

The company’s York Branch advertised a property for one week and generated 29 viewings over four days. The best offer was £22,000 over the asking price.

In Headingley, a property advertised for one week made 27 viewings and resulted in an offer £20,500 over the asking price.

Mr Preston added: “This gives a sense of how strong the levels of interest are but it also shows how important it is for agencies to have a plan.

“There is no doubt we can be more optimistic [on price] without being foolish.

Contact Preston Baker on 0330 1240402.

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