HARDLY a week goes by when there isn’t a story in the media about property prices rising, falling or even staying the same.
The problem is that most of what we read often relates to either the UK or Yorkshire as a whole, without taking into account all the specific towns and cities within the region, and none of the indexes look at Leeds city centre on its own.
As a result, we’ve done our own research, and our figures show that Leeds city centre’s apartment values have largely recovered to the pre-crisis peak they hit in 2008. However, the gap between prices in core areas, compared to those in fringe schemes, is now wider than ever.
Values per square foot can now differ by as much as 50 per cent when comparing apartments in premium developments and in very central locations with properties located less than a mile away on the outskirts of the city centre.
Buyers will pay a significant premium for a high quality, well-designed apartment in a very central location and the values of these types of apartments have generally held up much better than lower quality apartments.
A major lack of development in recent years has resulted in a chronic shortage of supply, but there is now a wave of new developments on the horizon. A new generation of experienced and forward-thinking developers recognise the importance of quality, so there’s some real thought going into the latest schemes, which is great news for Leeds.
This is also good news for anyone currently thinking of buying an apartment- for those who are happy to live on the fringe of the city centre, there are some great deals available, and for those buying in core locations, there is still the potential for further price growth, partly because Leeds is still lagging well behind the likes of Harrogate and York in terms of residential values. This is a complete anomaly when you consider and compare the economic profiles of the three.
Come on Leeds.