Leeds Property Market Sees Shift in Days on Market Trends and Vendor Discounting

Leeds homes are currently selling in an average of 27 days, down from 32 days this time last year, according to the latest data from the Leeds Estate Agents Association.

This shift in the market matters now because it indicates a change in the balance of power between buyers and sellers in the city. With the UK economy still feeling the effects of Brexit and the cost of living crisis, buyers are becoming increasingly cautious and vendors are having to adapt to secure sales. The trend is being driven by a combination of factors, including increased affordability concerns and a rise in new homes coming onto the market, particularly in areas like Granary Wharf and Clarence Dock.

In areas like Chapel Allerton and Roundhay, homes are selling particularly quickly, with some properties going under offer in as little as 14 days. The popularity of these neighbourhoods can be attributed to their vibrant high streets, complete with independent shops and restaurants, as well as their proximity to Leeds city centre. Organisations like the Chapel Allerton Traders Association and the Roundhay Park Rangers are also playing a key role in maintaining the appeal of these areas, through initiatives like street festivals and community clean-up events.

Data from property portal, Rightmove, shows that the average asking price of a home in Leeds is currently £243,000, down from £248,000 in June last year. However, the average sale price is £230,000, indicating that vendors are having to offer discounts of around 5% to secure sales. In the LS1 postcode, which covers the city centre, the average discount is even higher, at around 7%. This trend is being driven by the rise of new-build developments in the area, such as the Victoria Gate scheme, which is putting pressure on existing homes to compete on price.

Looking ahead, it's likely that this trend will continue, at least in the short term. Buyers will remain cautious, and vendors will have to be realistic about their asking prices if they want to secure a sale. As Mark Milton, director of the Leeds-based estate agency, Morgans, notes, the key to success in this market is to price properties correctly from the outset, rather than relying on discounts to drive interest. With the summer months typically seeing a slowdown in the property market, vendors who want to sell quickly will need to be prepared to negotiate and offer competitive pricing to attract buyers.