House prices in Leeds and Wakefield soared in 2021 but demand still outstripping supply

Yorkshire-based estate agent, Manning Stainton, released its fourth and final quarterly house price index (HPI) for 2021.

The index revealed that house prices have increased by 14 per cent across the year.

The region’s average house price now stands at £245,904, up from £233,727 in Q1.

The number of sales transaction Manning Stainton handled also increased over the course of 2021, up five per cent on 2020 and 10 per cent on 2019.

One number that did dip in 2021 was the number of new properties being listed with the estate agent, which decreased by five per cent.

This highlights that demand is still outstripping supply, an issue being experienced across the market.

However, 2022 looks set to see more properties come onto the market, with Manning Stainton experiencing a 20 per cent increase in new seller enquirers across December 2021.

First-time-buyer activity was also strong across 2021, with the number of new first-time-buyer registrations up 30 per cent on 2020.

Good quality family homes continued to remain the most popular property type amongst buyers, with many attracting record numbers of viewings and offers in excess of 10 per cent above the asking price.

Managing director of Manning Stainton, Mark Manning, said: “2021 was another exceptional year for the property market.

"Prices will continue to rise over the course of 2022, and I expect that them to grow by 5-6 per cent by the end of the year.

“What the market really needs this year is for more stock to come onto the market.

"We’ve seen a huge surge in new seller enquirers over the last couple of months, so I’m hoping this will translate to more properties being listed, which will help meet record levels of demand from buyers.”

The Manning Stainton Quarterly House Price Index is based on the estate agent’s sales data from across Leeds, Wakefield and Wetherby.

It is released every three months.

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