Houses in Pudsey selling 'within hours, not days' says law firm John Howe & Co after town is voted property hotspot by Rightmove
Properties on the market in Pudsey are selling 'within hours, not days', a local law firm has said.
John Howe & Co, based in Manor House Street in Pudsey, has seen a huge rise in conveyancing work as a result of the town’s booming property market
It comes as Pudsey was named as a UK property hotspot after ranking joint fourth with nearby Keighley in a top ten list compiled by Rightmove, after it saw property prices soar by 11 per cent across the last year.
At the time, local estate agents said this was down to the excellent location and transport links for commuters, thriving independent high street and strong sense of community.
Managing Director of John Howe & Co, John Howe, said: "Pudsey has been voted as one of the property hotspots in the country and as a consequence of this we have been very busy.
"I think it is fair to say that in this area houses can take hours to sell and not days.”
John, who set up the business in his hometown in 1994 after studying in Newcastle, added: “Demand for properties continue to soar but we will have to wait and see as to what effect the end of the stamp duty holiday will have on the market.
"My advice to anyone looking to buy a property at the moment is to buy wisely.
"The market has been buoyant, property prices have increased but like in the adverts, property prices can go down as well as up so if you’ve bought at the top of the market, you may find that if there is a downturn it’ll take quite a few years before you recover the price that you’ve paid.”
"We have got good schools in the area with good commuter links into the city centres, and that brings a lot of families into the area.
"There are a lot of incentives at the moment that are driving the market with stamp duty relief and the reintroduction of 95% mortgages, and I think that is leading people to think it’s a good time to buy.”
David Hanson, mortgage broker Mortgage Advice Bureau at Manning Stainton, said: “There’s a number of reasons for people wanting to take a mortgage out.
"The primary one is people wanting to purchase a property but because house prices in this area have increased quite significantly and due to Covid people are wanting to work from home a lot of people are looking at re-mortgaging their properties.
“The investment market is definitely hot in certain areas of West Leeds and we are seeing a lot of experienced investors looking at refinancing at the moment.”
Average house prices in the Pudsey ward are now around £225,530.
Recent Office of National Statistic (ONS) figures showed that some Middle Layer Super Output Areas (MSOAs) within Pudsey saw a big rise in average house prices.
A MSOA is a small geographic areas containing an average of 7,200 people.
The Pudsey North East area saw an average house price rise of 22.5 per cent between September 2019 and September 2020.
Prices went from £162,618 to £199,253.
Similar, the New Pudsey area saw a 17.4 per cent rise in the same time period, with prices rising from £183,849 to £215,910 on average.