Leeds property: Housing market set to be busiest since 2007 with Yorkshire seeing sales soar
This year’s housing market is on course to be the busiest since 2007, with sales soaring in Yorkshire.
Around 1.52 million UK house sales are expected across 2021, up by 45 per cent compared with last year, Zoopla said.
The value of homes sold in 2021 is projected to reach £461 billion, up by 46 per cent or £145 billion.
The website said that, with average annual transactions rarely exceeding one million to 1.2 million per year over the past decade, this would mark the highest sales figures since 2007.
It said the hottest sales markets currently include Wales, Yorkshire and the Humber and the North West of England – particularly Liverpool, Manchester, Wigan and Burnley.
In the year to April, average prices in Yorkshire & the Humber rose by 5.4 per cent.
This is the highest growth in the UK, following Wales at 6.3 per cent.
The report found that the average house price in Leeds is now £180,100.
This is a 5.5 per cent annual growth rate in April 2021 compared to 3.6 per cent in April 2020.
Sheffield house prices are now £148,300, at 5.5 per cent compared to 2.8 per cent in April 2020.
The demand for family houses continues to put upwards pressure on this type of home, with average values for houses up +5.2 per cent on the year, compared to +1.1 per cent growth for flats.
Total stock of homes for sale remains constrained, down 20.8 per cent in the year to mid-May compared to the average last year
Some areas are bucking the trend, with properties in inner London taking nearly two weeks longer to go under offer typically compared with 2020.
Homes in Southampton, Gloucester, Edinburgh and Coventry are also spending longer on the market, although price growth remains positive across these cities, Zoopla said.
The website said that overall, 2021 is projected to be among the 10 busiest years since 1959.
Grainne Gilmore, head of research at Zoopla, said: “Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move.
“Likewise, older households will continue to review how and where they are living, with many more set to move for the first time in years. With an increased array of mortgages to choose from, first-time buyers will also remain active in the market.
“At the same time, supply constraints will continue to underpin pricing. The lack of supply is expected to hamper potential sales during this year, yet even so, we expect total transactions this year to rise to 1.5 million, marking one of the busiest years in the UK’s residential market in more than a decade.”