Leeds housing market - a year in review

Leeds Dock
Published on: 16th February 2018

Are you already starting to think about making a home move in 2018? Throughout the country there are lots of people trying to decide whether this year will be the right one for them to make a move. With the new year ahead of us, Diana Warr, sales and letting expert in our Leeds office has collected her thoughts on where the Leeds housing market is going in 2018 and what to look out for.

“In the Autumn budget there were a number of key changes for housing, with the headline announcement undoubtedly the fact that first-time buyers would no longer need to pay stamp duty on purchases up to £300,000. During 2017 there was an increase in the number of first-time buyers across the region and so we are hopeful that with the government’s announcement this growth will continue.

“It was also announced that local authorities would be able to charge a 100% council tax premium on empty properties in an attempt to dissuade landlords from leaving vacant flats and houses while others struggle to find somewhere to live. As with all the changes announced in the budget we eagerly await their outcome and the impact it may have on the Leeds market.

“During 2017 we experienced first-hand a real resurgence in the demand for urban living. As many city dwellers will know, Leeds is an incredibly exciting city to live and work in, with, one of the most diverse workforces in the UK, an unrivalled nightlife, restaurant and social scene it is no wonder that more and more people want to move to the city every day.

“Towards the end of 2017 it was a relatively flat few months for the housing market across the country but as always it is important to look at regional differences. In particular, the outlook for London and the South East is much flatter than other parts of the country, with Yorkshire, the North West and Wales experiencing a strong final quarter.

“We enter 2018 with a strong demand for both sales and lettings and so it is an exciting time for landlords and anyone looking to sell. There is an underlying confidence in the market, due largely to the number of active buyers. The relative lack of both sales and rental properties on the market will mean that the early part of the year will be a great time to get your property on the market.”

Get in touch with us on 0113 221 6017 and we’ll be more than to discuss your next steps.

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Minimum energy efficiency rule changes: A warning to all landlords

From the 1st April this year landlords will not be able to let properties or renew leases if their property has an EPC rating lower than an E. Diana Warr, residential expert in our Leeds office discusses the upcoming changes and actions that landlords can take to avoid penalty. “Earlier this year it was estimated that between 300,000 and 400,000 properties in England in Wales could be unlettable from April as they will fail to meet the new energy performance standards. The rules state that from April 2018 all new lets and tenancy renewals must meet the new Minimum Energy Efficiency Standards (MEES) and from 2020 the rules will apply to all residential properties.

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From the 1st April this year landlords will not be able to let properties or renew leases if their property has an EPC rating lower than an E. Diana Warr, residential expert in our Leeds office discusses the upcoming changes and actions that landlords can take to avoid penalty.

“Earlier this year it was estimated that between 300,000 and 400,000 properties in England in Wales could be unlettable from April as they will fail to meet the new energy performance standards. The rules state that from April 2018 all new lets and tenancy renewals must meet the new Minimum Energy Efficiency Standards (MEES) and from 2020 the rules will apply to all residential properties.

[fulltext] =>

“Over the past few years we have come across a number of properties that would meet the MEES and would therefore become unlettable in just a few months. It would be wise for all landlords to check the EPC rating of their property to better understand the costs and benefits of improvement measures so that they are best placed to prevent a negative impact on the value of their property.

“The changes are obviously positive ones in the long run as they will encourage landlords to meet higher standards of energy efficiency but in the short term they could be an unwelcome hurdle. From April 2018 local authorities will be able to impose penalties of up to £4,000 for non-compliance on top of fining £200 for those with properties without a valid EPC. The largest cost to landlords could however be the loss of earnings while their property is legally unlettable.

“While this may all seem a bit doom and gloom it is not too late to act. The first step is to make sure that you have a valid EPC and then consult with a professional if your property doesn’t meet the required standards. Quite often there will be a few quick win energy efficiency changes that you can make that will ensure you don’t fall foul of the upcoming regulations.”

For more information about the upcoming regulation changes, what properties it will affect and how you can avoid any unwanted penalties please contact Diana Warr at our Wellington Street office on 0113 221 6017.

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Budget 2017: What will be the impact on the housing sector?

Philip Hammond gave his Autumn Budget to parliament yesterday and with a number of key changes for housing our residential expert, Diana Warr has summarised its impact. “The headline announcement in yesterday’s budget was undoubtedly the fact that first-time buyers will no longer need to pay stamp duty on property purchases up to £300,000. For first time buyers purchasing in London there will be no stamp duty applied to the first £300,000 of their purchase.

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Philip Hammond gave his Autumn Budget to parliament yesterday and with a number of key changes for housing our residential expert, Diana Warr has summarised its impact.

“The headline announcement in yesterday’s budget was undoubtedly the fact that first-time buyers will no longer need to pay stamp duty on property purchases up to £300,000. For first time buyers purchasing in London there will be no stamp duty applied to the first £300,000 of their purchase.

[fulltext] =>

 “The abolishment of stamp duty is certainly a boost for first-time buyers across the country but with undoubtedly have a greater consequence for those purchasing higher value properties in London and the South.

“On top of the benefit to first-time buyers it is also good news for existing homeowners as the Office for Budget Responsibility has estimated that house prices will rise by 0.3% as a result of the change.

“It was also announced that local authorities would be able to charge a 100% council tax premium on empty properties. It is hoped that by charging penalties in the form of council tax payments it will dissuade landlords and property investors from leaving vacant houses and flats while many struggle to find somewhere to live.

“The government also pledged to support the “biggest annual increase in housing supply since 1970”. Hammond announced that to boost housebuilding the government would provide a minimum of £44bn of capital funding, loans and guarantees to help create an average of 300,000 new homes a year by the mid-2020s.

“With a number of promises of extra funding and re-allocation of resources the budget looks to be a promising one for the housing sector but as is often the case, we eagerly await the outcome of the changes.”

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The 3 'P's of selling your residential property

Diana Warr, residential sales and lettings expert in our Leeds office has put together her top three tips for maximising your property's potential. “In a market where demand is high, it is inevitable that it becomes it a little easier to sell, but that by no means allows you the comfort of sitting back and just waiting for the offers to come in. There is an endless list of tips and options available to help sell your property but we have picked just three key pieces of advice to help you achieve the best possible sales price.”

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Diana Warr, residential sales and lettings expert in our Leeds office has put together her top three tips for maximising your property's potential.

“In a market where demand is high, it is inevitable that it becomes it a little easier to sell, but that by no means allows you the comfort of sitting back and just waiting for the offers to come in. There is an endless list of tips and options available to help sell your property but we have picked just three key pieces of advice to help you achieve the best possible sales price.”

[fulltext] =>

Presentation

It may seem like a bit of an obvious one but the first impression that a prospective buyer gets when they walk through your front door can make a massive difference. Ensuring your property is attractive to a buyer does not need to be an expensive decorating process. We have first-hand experience of the difference that adding simple furnishings, flowers and a new lick of paint can make to a property.

Photographs

If you’re going to the trouble of presenting your property in its best possible light then it’s important to make sure you portray that through the photographs you have taken. It is worryingly common for us to see poorly taken pictures of properties online, if you’re going to the trouble of improving the presentation of your property then make sure you portray that through the photographs you have taken.

Price

When it comes to selling, deciding on what price to sell it for is inevitably a big decision. Price your property too high and you won’t generate much interest, too low and you may not fully maximise your property's potential.

Our residential team understand people and property and are experts in giving real advice and support to people around the UK. As leaders in the property industry, we can guide you through every step of the process, and provide a complete property service to support you in all of your property needs.

Whether you’re selling, letting, looking for a new home, or need a valuation on a property, our one to one service takes the hassle away and gives you peace of mind knowing that your residential property advisor is at hand whenever you need them.

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