More than half of Leeds house sellers getting more than asking price as Yorkshire property boom continues
More than half of people selling their house in Leeds have been able to get more than the asking price, an estate agent has revealed.
Research by online agent Purple Bricks found that, over the last two years, 47 per cent of sellers in the city were able to sell for between £5,000 to £15,000 more than their original asking price.
Just over 1 in 10 sellers in Leeds sold their home for more than £35,000 over the asking price.
It comes after pressures caused by the pandemic, such as home schooling and the need for a home office, led to people needing more from their homes.
Alongside initiatives such as the stamp duty holiday, this has led to a property boom across the UK, particularly in Yorkshire and the Humber.
This has led to estate agents in Leeds warning that properties going on the market have been "snapped up" within weeks.
The latest figures from the Office for National Statistics (ONS) showed that UK house prices have been pushed to a record high.
UK house prices rose by 13.2 per cent over the year to June, faster than at any point since November 2004.
Yorkshire and the Humber saw a 15.8 annual house price growth in the year to June 2021.
“In June, UK house prices saw their highest annual growth since 2004,” said ONS head of prices Mike Hardie.
“This figure, however, was boosted by large monthly growth, with a rush to complete purchases before changes to the stamp duty holiday came into effect at the end of June.
“The average price of UK houses now stands at a record £266,000, which is £31,000 higher than this time last year."
The stamp duty holiday was tapered out by decreasing the threshold to £250,000 in England until the end of September.
Mr Hardie added: "The changes in the tax paid on housing transactions may have allowed sellers to request higher prices as the buyers’ overall costs are reduced."
Mark Whincup, Territory Operator in Leeds for Purplebricks comments, “The events of the past 18 months have made many of us consider a change of lifestyle.
"This is one of the factors that has contributed to the highly dynamic, fast-paced property market in Leeds which we have seen in recent months.
"Our latest research shows that the confidence we’ve seen among those selling their properties has been entirely justified, with highly motivated buyers keen to move quickly and many people looking to achieve a more peaceful lifestyle.”
According to the Purple Bricks research, which looked at the motivations of UK adults who have sold their home in the last two years, 56 per cent of those selling their home in Leeds in the past two years did so because they were looking for a more peaceful way of life.
It also revealed that 31 per cent sold their home in order to change their lifestyle and 39 per cent wanted a completely different type of home.
Home buyers in Leeds have also clearly been keen to move quickly.
One fifth of sellers received an offer within just one week of putting their home on the market and nearly a third (32 per cent) accepted an offer on their home within just two weeks, demonstrating just how busy the Leeds property market has been and continues to be.
However, most people in Leeds did not move far - over half (52 per cent) only moved 50 miles or less from their previous home, with only 4 per cent opting to move 150 miles or more.
Over a quarter (28 per cent) looked for a property with a home office, and just over 14 per cent wanted two home offices, driven by the changes in working habits due to the pandemic.
Not only were over half of sellers (54 per cent) looking for a bigger garden in their new home, but 16 per cent were after a home with space for an allotment or somewhere they could grow vegetables.