Property market in Yorkshire

SunnyDayToday1 · 2022-07-23T15:23:54+00:00

What does everyone think about when property market is going to cool down in Yorkshire? Is this a good time to buy our first home? After years and years of saving and paying rent (aka landlords mortgage)? Any wise people around today?

HungryCatGotOUT · 23/07/2022 18:33

Following

Dodgygeezer · 23/07/2022 18:37

Its a big place, could you be more specific?

Property market in Rotherham is very different to the property market in Harrogate

Original poster

SunnyDayToday1 · 23/07/2022 18:40

Sorry yes more interested in West Yorkshire (i.e. Leeds, Wakefield)

OP posts:

Dodgygeezer · 23/07/2022 18:44

The north leeds market is still hot to trot, twas ever thus.

blibbyblobb · 23/07/2022 18:46

Again as PP it depends on the area in these cities too. Certain areas in Leeds are ridiculously priced right now. I find u will get more for your money in Wakefield in terms of space (again depending on area). Overall, prices are still rising ridiculously in the area of Leeds im living. I feel like they will either drop or stay stable.. But when? Is the million pound question

endoflevelbaddy · 23/07/2022 18:52

We're between Leeds & Huddersfield in West Yorkshire and it's definitely slowed down locally over last month or 2. Not as much coming on market and there's a few hanging around a bit longer than they were.

We've been watching closely as keeping an eye out for some friends desperate to move. Prices have rocketed in the last couple of years but still reasonable compare to a lot of the country.

We moved during the 1st lockdown and current online estimates reckon ours could have gone up between 25 & 38% so you are looking at quite inflated prices. Unsure whether they'll come down, I know a lot of places are being down-valued by mortgage companies (DH is in mortgages) but that doesn't seem to be resulting in price reductions just yet.

Neighneigh · 23/07/2022 18:56

We live near LS25 and I've noticed that some of the larger (£750k+) houses have stayed on the market longer than I'd have thought. Another few have come on recently too, and it's a village where in the past not much came on.

Odd1outagain · 23/07/2022 19:44

Hi, I live in a little village near Wakefield, and have just done a quick online valuation of my house. We remortgaged last year and was nice to see the house had appreciated £100,000 in 10 years. I’ve just checked again and it’s appreciated nearly £100,000 in 1 year! It’s absolutely madness. It has to stop at some point, but then the Bank of England interest rates have gone up again and projected another rise so who knows!

ThatsNotMyMuffin · 23/07/2022 22:07

We're looking at south Leeds and I have definitely noticed more price reductions and properties hanging around for longer than you would expect them to so I think it's starting to slow down.

CoughtheCat · 24/07/2022 08:26

Yes OP you may well have contributed to your Landlords mortgage, and in return you were able to live in his house.

DenholmElliot1 · 24/07/2022 08:27

I think if you're paying rent then you might just as well pay a mortgage regardless of what the current housing situation is.

LooksLikeGoodFun · 24/07/2022 08:32

No point in paying rent much longer if you can afford a mortgage. House prices will fall or stall soon. Anyone who bought in the last 6-12months literally caught the peak and bought at the highest prices but it feels like the boom cycle is over now.

TheMagicDeckchair · 24/07/2022 16:15

endoflevelbaddy · 23/07/2022 18:52

We're between Leeds & Huddersfield in West Yorkshire and it's definitely slowed down locally over last month or 2. Not as much coming on market and there's a few hanging around a bit longer than they were.

We've been watching closely as keeping an eye out for some friends desperate to move. Prices have rocketed in the last couple of years but still reasonable compare to a lot of the country.

We moved during the 1st lockdown and current online estimates reckon ours could have gone up between 25 & 38% so you are looking at quite inflated prices. Unsure whether they'll come down, I know a lot of places are being down-valued by mortgage companies (DH is in mortgages) but that doesn't seem to be resulting in price reductions just yet.

We’re in a similar area. What I’ve noticed is that the 3 bed semi in good locations has really shot up in value. What you’d pay £150k for a few years ago is now more like £230k. It’s family friendly commuter belt.

Smaller, 1-2 bed terraces haven’t gone up so much, especially the Victorian starter homes and these still look affordable. The top end of the market is a weird one. Houses in the prime villages sell easily, but there’s plenty of stuff in good locations that’s probably overpriced. Most buyers at the top end seem to want the best locations or a better price.

I wouldn’t hesitate to buy a cheap starter home, but if buying a family home I might wait it out a bit and see if things stabilise.

IceCreamTime19 · 29/08/2022 14:33

It is definitely cooling down now. Way more reductions and you can now book viewings without having to compete with tens of others! I am expecting 10-15% drop in the coming months so good time to buy would be around winter months. As they say the best time to buy is when you see fear and blood in the streets! Everyone who jumped on the bandwagon in the last 12months overpaid and will only see a decrease in the equity unfortunately.