How are flats selling at the moment?
What about terraces, semi’s, and detached houses?
Are small properties more popular than large ones?
How long do these properties take to sell, and how long would mine likely take to sell?
What’s changed since last year?
Is the market better or worse than it was a year ago?
Let’s have a look….
This graph shows suggests that there is more demand for semis, and the least demand being for flats. Interestingly this has changed little over the last year, although demand has fallen slightly.
Here we can see the winner being 3 bed homes taking an average of 102 days to sell, and 1 beds coming in last taking 167 days to sell. How surprising is this? Well it’s probably to be expected that 3 bed homes offer a lot in terms of flexibility. They appeal to couples, small families, and some individuals which when combined is a large market. 1 beds generally only appeal to singles. Detached properties are usually the domain of larger families and come with a bigger price tag and therefore appeal to a smaller market.
It’s interesting to note a 16% increase in flats coming to the market this year over last. Otherwise the numbers are remarkably similar to last year, with just a 4% overall increase in supply.
There’s been a huge increase of 1 beds on the market this year. One of the reasons behind this could be additional landlords selling these properties as a result of recent taxation changes.
Its clear from the stats that mid sized (3 beds) semi detached properties are the most popular. This makes sense when you think about the flexibility they offer and that they come with an affordable price tag which is available to families with average income levels. They also usually feature off street parking and a garden, which is a must for many families. This staple of the housing market is followed by the mid sized terraced houses, of which they are a plenty in Leeds.
1 bed flats lag behind the rest in terms of popularity and demand. Flats also have restrictive leases with the leaseholder buyer having less control over the property than a freehold owner of a house. They also have service charge and ground rent to pay. On top of this they usually come with no outside space. In Leeds, flats are generally harder to sell than houses, and in the last 12 months in particular this is being compounded by a significant increase in supply.
Re-sale is an important consideration when purchasing a property, even if you expect the property to be your home for a number of years. It’s important to know that mid sized houses offer the best prospects for on onward sale when the time comes for you to move.
Clearly there are other important factors to consider when buying and selling. Location being first and foremost amongst them. But having an overview of the importance of size and type is also important in your decision making process.
It should also be noted that as we haven’t reached the end of 2018, the volumes quoted above will increase a little before the year is out.
If you want to talk about selling your home in Leeds, please get in touch.