Popularity for new build homes in Leeds soars amongst first-time buyers

Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now
Demand for new build homes in Leeds has increased significantly amongst first-time buyers in recent years, according to the latest data from leading new-home property website, newhomesforsale.co.uk.

The website, which lists 9 new build developments located in and around Leeds city centre, has revealed a massive 66 per cent of enquiries for new build properties in the area were from first-time buyers during Q1 2024, which is an increase on the 57 per cent recorded in Q1 2023.

With a range of property ownership options – from individual apartments in investment developments located in the city centre, through to larger developments with family homes - new build property prices in Leeds are competitive for first-time buyers.

Hide Ad
Hide Ad

These range from individual apartments starting at £98,332 through to the family homes from £245,218, with the latter being £37,000 lower than the average property selling price of £282,000, according to the latest data from the Office for National Statistics [ONS].

First Time Buyers (FTBs) have driven demand for new builds in Leeds.First Time Buyers (FTBs) have driven demand for new builds in Leeds.
First Time Buyers (FTBs) have driven demand for new builds in Leeds.

Not only does this reinforce a clear and growing demand for first-time buyers to get onto the property ladder despite volatile mortgage rates, but also positions Leeds as an increasingly popular location for the new build buyer market.

Discussing this latest data, Vernon Pethard, Founder and Director of newhomesforsale.co.uk, said: “In working with housebuilders and estate agents in all regions of the UK, it’s clear to see which areas are seeing the most search demand – with Leeds becoming increasingly popular amongst First Time Buyers.

Despite the latest data from the ONS revealing growth in the value of new build homes - with prices having increased by 8.8 per cent in January 2024 and up 16.6 per cent over the last 12 months alone - more and more first-time buyers are attracted by new builds, likely due to the low maintenance and running costs when compared to older properties.

Hide Ad
Hide Ad

Overall, although 2023 was a difficult year for the property market, search volume and demand still remained high, so I think 2024 will prove much more positive particularly with the growth in the new build sector – with Leeds set to come out as one of the UK’s leading locations for the first-time buyer market.”