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Leeds city centre sees revival in housing market

Tuesday 28th May 2013

The residential property market in Leeds city centre is going from strength to strength, with average values and sales rising every month, according to city living agent Morgans.

“Our sales figures have improved month on month since August 2012 and we have sold more apartments in the city in the first three months of this year than we did in the first six months of last year,” said managing director Jonathan Morgan.

A poll of UK property surveyors by the Royal Institute of Chartered Surveyors has revealed that property values rose to their highest levels in almost three years last month. The research also found that government measures to support the housing market had spurred demand.

“Our region and the city centre market especially are mirroring the findings of the RICS report,” Morgan added. “Five years ago Leeds gained the undeserved nickname of the ‘empty flats capital of the North’ but Leeds has held up well despite the downturn and the revival we are experiencing is a direct result of an increase in both confidence and finance availability with investors and owner occupiers keen to purchase again in the heart of the city.”

Morgans manages the largest rentals portfolio of apartments in the city, has a dedicated corporate arm dealing with businesses relocating its staff to Leeds as well as an experienced sales division.

He continued: “We have seen a 100% increase in enquiries from a wide group of buyers including young professionals, investors keen to take advantage of the buoyant rentals market, parent purchasers helping to get their children on the ladder and lots of mature owner occupiers. Properties in the £100,000 to £250,000 price range that are in tried and tested locations are most popular.”

The head of Morgan’s believes that the firm’s sales figures provide an accurate representation of market activity in Leeds due to the firm’s “major market share”.

Morgan concluded: “The opening of Trinity Leeds and the forthcoming First Direct Arena have really helped to reinforce Leeds city centre’s position as one of the UK’s leading destination cities and the property market is definitely benefiting from that.”

              

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