Why house prices in Beeston, Oakwood and Belle Isle have soared in the last year as Leeds housing market stays strong

Despite a difficult year, the housing market in Leeds has remained strong, with house prices in some areas increasing by a whopping 30 per cent.

Monday, 3rd May 2021, 7:08 pm
Beeston saw a 30.1 per cent increase in house prices.

Across the country, average house prices held up across England, with a four per cent house price growth recorded in the March UK House Index.

However, Yorkshire outperformed the rest of England, with annual prices up by 5.3 per cent.

In Leeds the price growth was even stronger, with a 5.4 per cent rise, according to Zoopla's analysis of the index, published on April 27.

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The ten areas where house prices soared by more than 15 per cent.

The suburb which saw the highest price rise was Lady Wood & Oakwood, which saw average prices go from £246,655 to £323,527 from September 2019 to September 2020.

This is an increase of 31.7 per cent in just one year.

Branch Manager for Dacre, Son & Hartley North Leeds office, Emma Winterhalder, said: "Roundhay prices are pushing people to look at different suburbs nearby that also allow them to still be close to the city but with green space a short walk away.

"Oakwood is perfect for people who couldn't necessarily afford to live in Roundhay but want to be in that area, so it has become a bit of an extended suburb to Roundhay.

Lady Wood & Oakwood saw house prices rise by 31.7 per cent in just one year.

"However, in the last two years, Oakwood has seen a huge rise in amenities and shops and cafes, whereas before it only really had a fish and chip shop and a post office.

"Now it has really nice restaurants like Chophaus and trendy coffee shops and businesses wanting to invest in the area.

"It is no longer a case of 'I want to live in Roundhay but can only afford Oakwood' - it has its own identity.”

Director of Manning Stainton, Mark Manning, added: "First Roundhay, then Chapel Allerton and now Oakwood.

"This suburb has become the new ‘go to’ destination for people searching out a cosmopolitan life, thanks to its great street-side cafes, trendy restaurants, high-end salons and highly-regarded local schools.

"Plus, let’s not forget it’s also on the doorstep of Roundhay park with its beautiful rolling parkland, lakes and woodland too.

"All these factors have resulted in a large influx of buyers which has pushed prices up.”

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Leeds has seen prices increase in most Leeds neighbourhoods in the last year, despite the restrictions imposed by the pandemic.

Miss Winterhalder says this is partly due to needing more space, but also because buyer demand currently outweighs the housing stock in the city.

She said: "We have seen a rise within the Leeds market through 2020-2021 even with being closed for two months of 2020 and not allowing agents to visits homes.

"We have seen about an eight to 10 per cent rise in prices within Yorkshire, depending on the suburb.

"Buyer needs have changed within this last year, people are wanting more outside space, and to be in walking distance to green space and space to work from home is very important.

"With people being able to work remotely, there is no longer the need to commute, which means we are seeing more people from across the UK wanting to move to Yorkshire and enjoy the perks that come with that.

"The stamp duty incentive has also increased the level of buyers actively looking to take advantage of this period and with banks’ lending and low interest rates it’s been very positive, the supply and demand has seen best and final offer happen more frequently again increasing prices within this last 12 months.

"We think the market will remain strong as we still don’t have the supply of homes for the demand of buyers, and with 95 per cent lending we are sure to see more demand from first-time buyers too".

Other Leeds areas which saw huge increases in price include Beeston Hill, Pudsey and and Belle Isle.

Beeston saw a 30.1 per cent increase in house prices, going from £86,163 in September 2019 to £112,059 in 2020.

Mr Manning explained: "This is an area that has seen a huge influx of buyers who fit into two distinct groups - first-time-buyers who love the affordable prices in the area, as well as its connectivity to the city, but in recent times investors have also returned in their droves, with plenty of southern-based landlords searching out the high returns often achieved in this location.”

The suburb of Pudsey also saw big price jumps, with Pudsey north east jumping 30.1 per cent and New Pudsey jumping 21.1 per cent.

The west Leeds suburb ranked joint fourth with Keighley in a top ten list compiled by Rightmove, after it saw property prices soar in February, with local estate agents saying it had become the "place to be".

Mr Manning said: "Pudsey has always been a hotbed of activity, but in recent times this traditional market town has risen in stature even more.

"It boasts a great town centre with lots of new bars, restaurants and even a wine and cheese emporium.

"The area also benefits from great connectivity to Leeds city centre thanks to New Pudsey Train Station, and people who live in the suburb generally just think it’s a great place to call home.

"All these factors have helped push prices up.”

Speaking of Belle Isle, Mr Manning said: "Belle Isle is an interesting one.

"It’s an area that has a high percentage of ex-local authority properties, now complemented by the well-established developments at New Forest and Heritage Village.

"What this area offers is good-sized family homes with generously-sized gardens at affordable prices."

Only 22 of the 107 Middle Layer Super Output Areas (MSOAs) in Leeds - small geographic areas containing an average of 7,200 people - recorded a decrease in house prices.

Lincoln Green and St James saw the biggest drop of 35 per cent, with prices dropping on average by £50,000.

The price decreases were less severe in other areas, with New Farnley and Lower Wortley seeing a drop of 11. 1 per cent and Middleton Park Avenue a loss of 10.6 per cent (around £20,000).

Other areas which saw smaller price decreases include Wetherby East and Thorp Arch, Seacroft South, Yeadon West and Otley North.

Prices are based on figures published by the Office of National Statistics.