Why You Shouldn’t Sell Your Leeds Home in 2024

As a seasoned letting agent serving the Leeds community, I've always prided myself on offering transparent, informed advice to local homeowners. Today, I'd like to provide a balanced perspective on the current housing market trends and what they could mean for those contemplating selling their Leeds homes.

The housing market is an ever-evolving landscape, and recent forecasts present a mixed bag of predictions that Leeds homeowners should consider before placing their 'For Sale' signs in their front gardens. According to the latest data, while the property market shows signs of recovery, it may be prudent for some sellers to exercise patience.

Current British Market Dynamics

As of the beginning of 2024, the UK property market has shown resilience against predicted downturns. Contrary to forecasts of declining house prices in early 2023, the British market experienced a modest rise. This unexpected stability can be attributed to several critical factors, including effective mortgage affordability stress testing since 2014, lender policies supporting households, and the robustness of the employment sector, all of which have cushioned the property market from significant drops.

Despite predictions of an 8-15% fall in house prices at the start of 2023, data from sources like Halifax indicated a national increase of 1.7% in 2023. This trend challenges the conventional scare scenarios often associated with market volatility.

As we look towards 2024, the market is expected to stabilise further. Some projections indicate a possible decrease in national house prices of 2% to 4%, yet others suggest a slight increase over the next 12 months. These numbers represent a market that, while not booming, is maintaining a steady pulse. Furthermore, with Bank of England interest rates potentially drifting to around 3.75% to 4% by the end of 2024 (subject to inflation), the climate is ripe for strategic decision-making.

Leeds's Position

In Leeds, the local housing market mirrors this national trend. The city’s rich history, excellent transport links, schools, and community spirit make it a continued area of interest for buyers. However, the anticipated continued market stability suggests that homeowners might benefit from waiting unless there's a need to sell.

That said, life's milestones — marriages, births, deaths, and career moves — continue to drive the need for housing transitions. Leeds's market, known for its resilience, is no exception. As such, homeowners looking to sell due to life changes will find an audience in Leeds's steady, albeit slower, marketplace (compared to the manic years of 2020/21/22).

A Strategic Approach to Selling Your Leeds Home

For those in Leeds considering a sale, it's crucial to understand the current market's nuances. Interest rates, while stabilising, still impact the average mortgage rates, affecting buyers' purchasing power. This could influence the pricing strategy for your Leeds home.

Most of the property sales in Leeds during the last 12 months were semi-detached properties, selling for an average price of £253,000. Terraced properties sold for an average of £181,400, with detached properties fetching £470,500.

However, what a property sells for, in most instances, is almost irrelevant because if yours goes up, the one you want to buy goes up (and vice versa). The most important thing is your chances of selling and moving home.

In 2022, your chance of selling your Leeds home was 69.8%, whilst in 2023, it had dropped to 58.9%

It is interesting to compare it with the national picture of 65.38% in 2022 and 52.85% in 2023.

As with all things, it’s a matter of supply and demand, especially supply. This can be measured by the number of properties currently on the market.

On the 1^st of January 2023, there were 1,586 properties for sale in the Leeds area. That had increased to 1,837 on the 1^st of January 2024

(Leeds area LS1-LS12)

Moreover, nearly half of homeowners with fixed-rate mortgages will soon face higher payments upon re-mortgaging, putting added pressure on the market. As local experts, we can help navigate these complexities to position your Leeds home attractively in the market.

The Case for Putting Your Leeds Home on the Market

While the market might lean towards waiting, there are strategic reasons to list your home. A well-presented property, priced accurately, stands out in any market. Leeds's unique appeal can work in favour of sellers with desirable properties.

For those looking to downsize, the current market could be particularly advantageous. The increased costs of borrowing might deter upsizers, but for downsizers, especially those who are mortgage-free, there is a potential for a beneficial sale.

Whether or not to sell your home in Leeds in 2024 is not a decision to be taken lightly. The market offers opportunities but must be navigated with care and expertise.