Leeds Prices

[karen1000]

There really are three types in this huge city. There are thousands of low income people across the city (same as any other large place).

Then there are the nicer suburbs where most housing is above even the local average price (which is lower than the national average) and probably above that national average.

Finally there are thousands of mainly younger waged people who are choosing to live in the city centre in converted or new flats.

So where are we in 2006? Well this is purely anecdotal but I hear from friends involved with the flats in Leeds that disaster could well be looming; the problem is simply oversupply and poor quality of the newer flats available (quality of area I mean). If the economy does hit a rock soon, this will be where it hits first and badly.

Also purely anecdotal but I see from my travels that lots of houses which went on sale in October-November near me (Leeds NW) have now sold including my own. A friend in a local agency (she just works there, and is leaving soon anyway, so no vested interest) tells me that business in the suburbs has been the best at this time of the year for some years.

Well everyone else throws anecdotes so I thought I'd join in. My news is good and bad depending on where one sits.

Glad I turned down a chance 18 months ago to invest in a flat conversion...

[Leodhasach]

I know someone who rents a flat in the Calls. Someone owns the whole block - when my friend enquired about getting one he was told "no problems - there are always plenty available". There's two more blocks going up nearby, around the main bus station...who's going to fill them all??

[Fancypants]

I know someone who rents a flat in the Calls. Someone owns the whole block - when my friend enquired about getting one he was told "no problems - there are always plenty available". There's two more blocks going up nearby, around the main bus station...who's going to fill them all??

ah, that'll be my young professional friends, most of whom are in retail/catering/temping positions on £6/hr. OK, be fair, I know plenty on up to £20k. So, only 10x salary then.

[Bootsox]

property_prices_magellan_house.doc

Thought I would share the following piece of research.

I downloaded the attached information from Land Registry, via a third party web site. The information concerns Magellan House sale transactions, starting with the developer’s original sale in Aug/Nov 2003 and a subsequent number of private sales ending in November 2005.

A total of 185 properties were sold originally, of which 30 have now changed hands. Of these, 22 have sold profitably and 8 have sold at a loss (or such a marginal profit that the vendor would most likely have not covered his buying/selling costs). The profitable sales I have identified in gray and the “losses” in pale blue.

The following observations can be made:

1) Properties sold in 2004 have generally been at a profit.

2) Properties sold in 2005 have generally been at a “loss”

With the (literally) thousands of new apartments that will soon flood the Leeds City Centre housing market, what will the future hold?

Regards

property_prices_magellan_house.doc

[BandWagon]

Have a look at the graph posted by Spline of Southampton.

http://www.housepricecrash.co.uk/forum/ind...howtopic=22185#

Very useful when you can plot the same properties over time, and it shows what's really happening in the new-build market. ie people who bought after 2004 are stuffed.

Edited March 2, 2006 by BandWagon

[Mr Blek]

There's plently of building activity going on in the centre. However, I distinctly recall one build being about flats which has now changed to a city car park build instead. Wise move I think.

[Bootsox]

property_prices_magellan_house_rev02.docAttached is an update on Magellan House Sale Prices.

Includes an additional 7 transactions, i.e. flats 9, 62, 82, 86, 93, 94 and 175.

Have changed colour scheme:

red = loss/marginal profit

blue = reasonable/large profit (however, due to "age" off properties some of these returns will have now been diminished by inflation and/or loss of interest if money had been invested elsewhere).

Sale prices for flats 62, 93 and 94 seem inconsistent either because of very large profit or first registered sale.

Regards

Sox

property_prices_magellan_house_rev02.doc

[the end is a bit nigher]

what effect will that nice new block of student accommodation have on the student rental market?

[BillyShears]

With the (literally) thousands of new apartments that will soon flood the Leeds City Centre housing market, what will the future hold?

"thousands"? Really? That's a very large number.

Billy Shears

[the end is a bit nigher]

"thousands"? Really? That's a very large number.

Billy Shears

the last estmates i heard were between 9 and 12,000

i think there are a few left if u r interested?

[BillyShears]

the last estmates i heard were between 9 and 12,000

i think there are a few left if u r interested?

Holy mackeral!!!! 9-12,000! What were they thinking?

Billy Shears

[sorted]

absolute nonsense

[the end is a bit nigher]

what is? the decsion to build all those flats? yes, you are probably correct

if you do a search on the yorkshire prices thread there is refernece to the number there - i cant remember it exactly but i think it was a bit over 9k

the student ones i am thinking of are where the Next building used to be - that and it's old car park are being turned into luxury student bedsit places, with en-suite bathrooms - no more of those shared houses with 5 or 6 people in it - get your own room and nice facilities right in the centre of town - not the only city it's happening in either

[Leeds-Bozz]

what effect will that nice new block of student accommodation have on the student rental market?

Hopefully the bottom will fall out of large parts of it! Will students choose these swish flats and leave some areas to go back to to families? Or will they stick with the student enclaves and leave these soulless new builds empty?

Drove round the inner ring road today and saw the massive development of Student accomodation, and another one out on Burley Road.

There is tons of stuff around still going up!

Could be an interesting couple of years, especially with overall student numbers scheduled to fall.

[Beadbo]

talking about student lets, I know of people doing up 2 bed back to backs with cellar space within the burley/kirkstall area and turning them into student properties with 5 bedrooms 2 in the cellar area, 2 in the 1st floor and 1 in the attic room, think how cramped these will be, I know of properties selling for 169K, and I saw one recently that had been done with asking price of 199k! the mind boggles, these terraces are normally going for 120k and were only about 50k 5 years ago! some of the rooms are minuscule.

http://www.rightmove.co.uk/viewdetails-111...pa_n=1&tr_t=buy

I know if I was a student I wldn't want to be in such cramped accomodation...

[Leeds-Bozz]

talking about student lets, I know of people doing up 2 bed back to backs with cellar space within the burley/kirkstall area and turning them into student properties with 5 bedrooms 2 in the cellar area, 2 in the 1st floor and 1 in the attic room, think how cramped these will be, I know of properties selling for 169K, and I saw one recently that had been done with asking price of 199k! the mind boggles, these terraces are normally going for 120k and were only about 50k 5 years ago! some of the rooms are minuscule.

http://www.rightmove.co.uk/viewdetails-111...pa_n=1&tr_t=buy

I know if I was a student I wldn't want to be in such cramped accomodation...

These are the sort of places I hope to see plummet. I hope the new purpose built accomodation takes the students (and these stupid prices with them) and lets families back in.

[Si1]

Hopefully the bottom will fall out of large parts of it! Will students choose these swish flats and leave some areas to go back to to families? Or will they stick with the student enclaves and leave these soulless new builds empty?

Drove round the inner ring road today and saw the massive development of Student accomodation, and another one out on Burley Road.

There is tons of stuff around still going up!

Could be an interesting couple of years, especially with overall student numbers scheduled to fall.

where are the figures predicting a fall in numbers of students - you can't be serious?

[Leeds-Bozz]

where are the figures predicting a fall in numbers of students - you can't be serious?

Deadly serious. Fees are forcing people to stay closer to home. Wouldn't you? Leeds Met unfortunately bucking the trend apparently but those students are more likley to be relative locals anyway.

I hope even the hint of this will force the HMO slum landords in Headingley and the surrounding area to panic. There is a big oversupply especially on the fringes as it stands...

http://healheadingley.org.uk/bb/viewtopic.php?t=169

There is mention of 2000 plus surplus bed spaces this year alone. Lovin' it.

Edited May 19, 2006 by Leeds-Bozz

[the end is a bit nigher]

does anyone know how many of those new build student apartments there are?

what a choice to have to make - share a crappy house with 4 or 5 others and 1 or 2 bathrooms between you all or have one of those nice new build rooms with en-suite

wouldn't like to own student accommodation in Leeds at present

[mrhappy]

talking about student lets, I know of people doing up 2 bed back to backs with cellar space within the burley/kirkstall area and turning them into student properties with 5 bedrooms 2 in the cellar area, 2 in the 1st floor and 1 in the attic room, think how cramped these will be, I know of properties selling for 169K, and I saw one recently that had been done with asking price of 199k! the mind boggles, these terraces are normally going for 120k and were only about 50k 5 years ago! some of the rooms are minuscule.

http://www.rightmove.co.uk/viewdetails-111...pa_n=1&tr_t=buy

I know if I was a student I wldn't want to be in such cramped accomodation...

I lived in one of those when i was a student near the Haddon Hall??

4 of us in at £60 a week in the late 90's (probably same rents nowadays), I was in the loft and the heating pump wasn't strong enough to pump the water upto my floor, it was freezing, happy days

[Si1]

I lived in one of those when i was a student near the Haddon Hall??

4 of us in at £60 a week in the late 90's (probably same rents nowadays), I was in the loft and the heating pump wasn't strong enough to pump the water upto my floor, it was freezing, happy days

yeah I live in the area, renting a lovely housing assoc flat (not housing assoc area) well maintained airy etc, dirt cheap rent, great landlords.

they didn't want me to get it at first, made me wait, being a white collar well-paid type they were waiting for someone more 'needy' than me to apply. They didn't, this was the peak of the boom, I guess the needy people were all out buying houses.

Anyway, prices of 2 beds (flats and houses) all at least £10k down on 2 years ago when I rented this place. good decision.

And I can confirm, yes indeedy rents are still about that for a crappy enough student house (of which there are many).

strangely some local people renting out their spare rooms to subsidise their mortgage are asking £400 per month - don't know how on earth they can attract a tenant for that when you can rent your own furnished studio for £300 now (cheaper than 2 or even 5 years ago).

I sublet my spare room (legally, housing assoc happy with it) and ask a lot less, partly cos that's all the market can sustain, but less than that even so I can pick and choose my flatmate. If I had a mortgage, even at current lower prices, what I could get wouldn't be much compared to what I was paying. Prices are going down around headingley area, properties sticking on the market. The Cricketers flats by Headingley station, well last one sold last november (ish) for £130k. Off a peak of £140k 18 months or so earlier. The peak asking price then was 145k, and currently people asking 130 to 135k (down 10k or so since spring when the bounce barely happened) and still not shifting. I'd expect them to practically go for sub-120 now, 120 at a push to someone who's bought VI spin. Of course no-one's prepared to sell this low, and no-one's prepared to buy that high, so it's stuck, just like the early 90s. How far they will fall is a matter of judgement I guess. A long way is my own guess. I'm frightened for the economy, my job, etc.

[Bootsox]

Slight update on Magellan House sale prices.

Includes one additional transaction, i.e. flat 155.

red = loss/marginal profit

blue = reasonable/large profit

Regards

Sox

magellan_house_propert_sales.doc

magellan_house_propert_sales.doc

Edited July 29, 2006 by Bootsox

[Wayo]

Slight update on Magellan House sale prices.

Includes one additional transaction, i.e. flat 155.

red = loss/marginal profit

blue = reasonable/large profit

Regards

Sox

21 Nov 2003

153, Magellan House

£364,500

1 Aug 2003

153, Magellan House

£120,000

You couldn't print your own money that fast!

[tormy]

Hi all,

just happened to be checking out flat prices in the city centre and noticed that some flats in aspect 14 nr claypitt lane were due to go up for auction next week. One was at guide price 115k, When I checked last sold price 2years ago, it was 209k, thats some drop, I don't reckon they will get too much over guide price as there are so many of these 2 beds being sold circa 139k now. Most flats seem to have either made or lost 5k-30k in the last 3 years, I suspect most willl be loosing now though.

Here are some figures:

Aspect 14

Flat 27 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £209,995

Flat

Leasehold

New Build 16-Jan-2004

Map (LS2 8WE)

now being put up for auction guide price 110k!

Aspect 14

Flat 60 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £165,400

Flat

Leasehold

New Build 17-Nov-2003

Map (LS2 8WF)

now on sale for 165995k

Aspect 14

Flat 163 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £171,800

Flat

Leasehold

Not New Build 07-May-2004

Map (LS2 8WG)

now on sale 159995k

LOSS

Aspect 14

Flat 173 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £141,100

Flat

Leasehold

New Build 17-Dec-2003

Map (LS2 8WG) Aspect 14

Flat 173 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £134,550

Flat

Leasehold

Not New Build 19-Mar-2004

Map (LS2 8WG)

now on sale 156000 some chump might pay that but I doubt it.

LOSS

Aspect 14

Flat 55 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £164,300

Flat

Leasehold

New Build 18-Nov-2003

Map (LS2 8WF)Aspect 14

Flat 55 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £148,000

Flat

Leasehold

Not New Build 10-Mar-2006

Map (LS2 8WF)

LOSS

Aspect 14

Flat 44 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £165,000

Flat

Leasehold

New Build 17-Nov-2003

Map (LS2 8WF)Aspect 14

Flat 44 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £150,000

Flat

Leasehold

Not New Build 20-Oct-2005

Map (LS2 8WF)

BIG LOSS

Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £153,600

Flat

Leasehold

New Build 16-Dec-2003

Map (LS2 8WF) Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £150,000

Flat

Leasehold

Not New Build 05-May-2004

Map (LS2 8WF) Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £105,000

Flat

Leasehold

Not New Build 28-Feb-2006

Map (LS2 8WF)

PROFIT

Aspect 14

Flat 10 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £141,995

Flat

Leasehold

New Build 26-Sep-2003

Map (LS2 8WEAspect 14

Flat 10 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £183,000

Flat

Leasehold

Not New Build 16-Jun-2005

Map (LS2 8WE)

[Fancypants]

Hi all,

just happened to be checking out flat prices in the city centre and noticed that some flats in aspect 14 nr claypitt lane were due to go up for auction next week. One was at guide price 115k, When I checked last sold price 2years ago, it was 209k, thats some drop, I don't reckon they will get too much over guide price as there are so many of these 2 beds being sold circa 139k now. Most flats seem to have either made or lost 5k-30k in the last 3 years, I suspect most willl be loosing now though.

Here are some figures:

Aspect 14

Flat 27 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £209,995

Flat

Leasehold

New Build 16-Jan-2004

Map (LS2 8WE)

now being put up for auction guide price 110k!

Aspect 14

Flat 60 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £165,400

Flat

Leasehold

New Build 17-Nov-2003

Map (LS2 8WF)

now on sale for 165995k

Aspect 14

Flat 163 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £171,800

Flat

Leasehold

Not New Build 07-May-2004

Map (LS2 8WG)

now on sale 159995k

LOSS

Aspect 14

Flat 173 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £141,100

Flat

Leasehold

New Build 17-Dec-2003

Map (LS2 8WG) Aspect 14

Flat 173 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WG £134,550

Flat

Leasehold

Not New Build 19-Mar-2004

Map (LS2 8WG)

now on sale 156000 some chump might pay that but I doubt it.

LOSS

Aspect 14

Flat 55 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £164,300

Flat

Leasehold

New Build 18-Nov-2003

Map (LS2 8WF)Aspect 14

Flat 55 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £148,000

Flat

Leasehold

Not New Build 10-Mar-2006

Map (LS2 8WF)

LOSS

Aspect 14

Flat 44 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £165,000

Flat

Leasehold

New Build 17-Nov-2003

Map (LS2 8WF)Aspect 14

Flat 44 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £150,000

Flat

Leasehold

Not New Build 20-Oct-2005

Map (LS2 8WF)

BIG LOSS

Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £153,600

Flat

Leasehold

New Build 16-Dec-2003

Map (LS2 8WF) Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £150,000

Flat

Leasehold

Not New Build 05-May-2004

Map (LS2 8WF) Aspect 14

Flat 114 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WF £105,000

Flat

Leasehold

Not New Build 28-Feb-2006

Map (LS2 8WF)

PROFIT

Aspect 14

Flat 10 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £141,995

Flat

Leasehold

New Build 26-Sep-2003

Map (LS2 8WEAspect 14

Flat 10 Elmwood Lane,

Leeds,

West Yorkshire,

LS2 8WE £183,000

Flat

Leasehold

Not New Build 16-Jun-2005

Map (LS2 8WE)

<collosal belly laugh>