House prices in Leeds, Wakefield and Wetherby rocket as agent predicts what the future holds
House prices in Leeds, Wakefield and Wetherby have shot up in the last three months as Mark Manning delivers his forecast for the rest of the year
By Sharon Dale
House prices have shot up in Leeds, Wakefield and Wetherby
Estate agency Manning Stainton has released its second quarterly house price index covering the Leeds, Wakefield and Wetherby areas, which shows that the property market in these areas is still booming.
Between April and June 2021, house prices across in these areas soared by 9.2% compared to the first quarter of the year and are up 14.5% on the same period last year. Manning Stainton's average sale price now stands at £260,339, up from £233,727 in the first quarter of the year and the number of completed sales transactions increased by 2.5% over the three-month period.
A shortage of supply is still an issue across the region, but the number of properties listed did increase slightly in Q2, up 1% compared to Q1. First-time-buyer activity also remains high, up a huge 46% across the first half of 2021 compared to the same period in 2020.
Speaking about the data, Mark Manning, managing director of Manning Stainton, said: “House prices across the region have continued to grow at record levels over the past quarter, driven by a shortage of supply and huge demand driven by the rush to buy ahead of the stamp duty holiday ending.
“Family homes with three or more bedrooms were the most in-demand property type across the period, and good-quality properties of this type received record numbers of viewings and offers.
“In he third quarter of the year, I think we’ll see house price growth level off slightly, particularly across the £500,000 plus segment of the market now that stamp duty is back. However, we are still receiving an extremely high number of new buyer registrations, so interest is still high and the market will continue to perform strongly.”
The Manning Stainton Quarterly House Price Index is designed to provide buyers and sellers with a detailed overview of how the housing market in the Leeds, Wetherby and Wakefield areas is performing. www.manningstainton.co.uk.