West Yorkshire (leeds & North Yorkshire)

[Guest Daddy Bear]

Is there any evidence of a downturn in two bedroom flats in the citycentre or on the outskirts of the city centre?

Are there many still being built and awaiting the market. How many and what are the completion dates?

Have Flats & family homes (3/4 bedroom houses) held their prices/risen much since 2005?

Has there been a slow down in turnover or increasing FOR SALE signs?

Answers and other thoughts (anecdotal evidence) most welcomed.

DB

[mrhappy]

I've been watching a development in Wakefield finished in 2004, none of the flats which have resold have touched their 2004 prices. I'm now very interested in the waterfront project (or what rentals will be expected) when it is finished in March.

[Fancypants]

friend of mine is trying to sell her 4br terrace in Harehills (one of the nicer parts, to be fair). Has been on since before Christmas, no biters, has already had to drop asking by £10k.

I'd happily live there, but I can't think of many people in Leeds with over £200k to spend who would want to.

[breeze49]

friend of mine is trying to sell her 4br terrace in Harehills (one of the nicer parts, to be fair). Has been on since before Christmas, no biters, has already had to drop asking by £10k.

I'd happily live there, but I can't think of many people in Leeds with over £200k to spend who would want to.

I have lived near Harehills and a fairer price would be 150k Max. Its amazing that in some of the 'worst' areas of Harehills prices have tripled in 3 Years. I bought property at Crossgreen and also just off Halton Moor 4 years ago and they have more than doubled.

I wonder what effect on the area the new dual carriage from the M1 into S Leeds and the new retail park will have on the Cross Green and Halton Moor areas... obviously i'm hoping that prices will go up.

Tony

Edited January 17, 2007 by breeze49

[breeze49]

Daddy Bear,

Three years ago I cycled along side the river Aire through Leeds and I couldn't believe how many high rise flats were being built along the river sides and now it seems inner city flats are appearing all over the place.

I read somewhere that Leeds has a very high proportion of these flats empty, pssible due to too many being built, rents too high etc. Personally I think the prices of these will drop drastically and a bargain could be had within a few years. I also think a lot of the tower blocks will become the slums of the future.. one cant beat a good old terrace or semi as they are much nicer enviroments to live in .

I think the City Council has encouraged the building of inner city properties to reduce the amount of traffic in and out of Leeds as part of the government's target of reducing city pollution.

Incidently , I am against the twin towers project, 500 foot skyscraper, because I think it is dis-tasteful after what happened in America and think it could be a target for terroism. I also think it is out of character with the City's architecture and embodies the sickness within Leeds City Council of glamourising the inner city at the expense of the poor suburbs. Leeds will have two parasitic buildings now , the 'Kremlin' social security/NHS building and now the twin towers.

Sorry for going on but felt like a moan.

Tony

Edited January 17, 2007 by breeze49

[mrhappy]

I read somewhere that Leeds has a very high proportion of these flats empty, pssible due to too many being built, rents too high etc.

I read that too, it said landlords were happy to sit on empty properties due to capital appreciation. One of the first bearish articles I ever read was on the Leeds market. It was around 2002 I think in the Yorkshire post. It said that if you take the current stock of flats in Leeds in 2001 the same number is currently under construction and the same number AGAIN had been granted planning permission. It said the total stock would tripple by 2010 and questioned if they were all needed on current demographics.

Edited January 17, 2007 by mrhappy

[Garry AKA Pod]

Incidently , I am against the twin towers project, 500 foot skyscraper, because I think it is dis-tasteful after what happened in America and think it could be a target for terroism.

It's Leeds for F**ks sake! Not a capital city or anywhere of significance on the World scene. (Sorry if that doesn't help your house rise in value!!)

The 7/7 ba$tards came from Beeston, why would they bomb their own doorstep?

[the end is a bit nigher]

Wetherby has more new build flats and even houses than you can count and even the ones from 2003 haven't all sold yet

[Guest Daddy Bear]

I read somewhere recently there are 5000 new units (2 bedroom flats) scheduled to come onto the Leeds City centre market in the next 18 months - is this a true figure - anyone got any evidence? Anyone think there will be demand for these?

Looking at 2 bed flat prices over the last 6 months there is a lot of evidence of price falls. However houses don't appear to be falling as much - if at all.

DB

[rjm2k1]

The town planners in Leeds should be shot for what they have allowed to happen. A couple of years ago, the place started to look quite nice, a lot of tall ugly old buildings had been pulled down and it all started to look nice and open and light. Now, you have so many tall buildings sat virtually on the roadside that the only way to see daylight is by looking up, soon you'll have to collect a lamp to enter the city if you want to be able to see anything. And as the the green bulbous ship like monstrisity which now sits where Howarth timber used to be, who on earth came up with that idea? Perhaps someone should start a website on the hideous sights that are springing up!

[Fancypants]

friend of mine is trying to sell her 4br terrace in Harehills (one of the nicer parts, to be fair). Has been on since before Christmas, no biters, has already had to drop asking by £10k.

still no offers, now on with another agent, dropping price by another £10k.

[Fancypants]

still no offers, now on with another agent, dropping price by another £10k.

SOLD! At £199K... (was originally on at £225k).

[Bootsox]

For interest, I have attached some research based on sale prices for a large block of 1/2 bedroom city centre apartments called Magellan House (near the Royal Armouries).

Colour coded as follows:

red = loss/marginal profit

blue = reasonable/large profit

Regards

Sox

Magellan_House_Sale_Prices_PDF.pdf

Magellan_House_Sale_Prices_PDF.pdf

Edited April 4, 2007 by Bootsox

[Guest Daddy Bear]

For interest, I have attached some research based on sale prices for a large block of 1/2 bedroom city centre apartments called Magellan House (near the Royal Armouries).

Colour coded as follows:

red = loss/marginal profit

blue = reasonable/large profit

Regards

Sox

Spoke to an estate agent today he actually agreed with me that 2 bedroom flats hit their peak in spring/summer 2005 and generally have held or dropped since then.

Cautious of irish investors holding a huge number of units (empty) purely for capital gain and then flooding the market as forced to sell due to domestic irish market turning to rat's chit.....

Also mentioned the 1000's of units still to come to market in pipeline over next 18 months....

Leeds HPI on houses

20% 2003

10% 2004

5% 2005

0-5%2006

0 2007

spot the trend?

DB

[the end is a bit nigher]

met a bloke today who bought a 2 bed flat in leeds in 2005 for £230k - currently trying to offload for £185k - guess what? no-one interested

[kagiso]

met a bloke today who bought a 2 bed flat in leeds in 2005 for £230k - currently trying to offload for £185k - guess what? no-one interested

£1800pcm

I am sooooo glad I am renting.

[House Master]

SOLD! At £199K... (was originally on at £225k).

Hi Fancypants

I am amased this 4 bed terrace sold in Harehils for £199K!

You say it is in the nicer part of Harehills, wherabouts? Is it the chapel Allerton/Potternewton side of Roundhay Road?

[lesqualita]

love the way all flats are all luxury flats, not bog standard. in the words of a marc almond song, there pulling down the old slums to build the new. people never learn! by the way whaat do you think to the absurd prices in kirkstall?

[Fancypants]

whaat do you think to the absurd prices in kirkstall?

I think they're absurd!

[Carabansity]

Eddisons auction at LUFC on 10th May has Lot No. 130, Flat 1, Aspect 14, Elmwood Lane, Leeds up as follows;

Status: Available

Guide Price: £110000+

Category: Vacant Residential

Full Address:

Flat 1, Aspect 14, Elmwood Lane, United Kingdom, LS2 8WE

Category Heading:

Vacant modern style 2 bedroom apartment in purpose built block

Description:

Situated

Off Clay Pit Lane close to the junction with the Inner ring Road A58(M) in the city centre.

Ground Floor

Communal entrance hall, Private hall, bathroom, open plan living area with kitchen having built in appliances, two bedrooms, en suite shower room to one bedroom.

Outside

Communal grounds.

Note

* Double glazing

* We are informed that the flat was formerly let at £600 p.c.m.

* A service charge is payable.

Tenure

Leasehold for a term of 999 years from 1.1.2003 @ £150pa

Net House prices says....£201,500 on 23rd November 2003

http://www.eddisons.com/pages/auctioncatal...n=16&Page=9

http://www.nethouseprices.com/index.php?co...&curPage=15

[House Master]

Eddisons auction at LUFC on 10th May has Lot No. 130, Flat 1, Aspect 14, Elmwood Lane, Leeds up as follows;

Status: Available

Guide Price: £110000+

Guide prices mean absolutley nothing!

I was looking at a property in Eddisons Auction in March that had a guide of £110,000 and it sold for over £250,000.

They often make guide prices very low to attract bidders. This is the opposite mentality to estate agents but that is how auctions work.

[House Master]

Guide Price: £110000+

[adren]

It's Leeds for F**ks sake! Not a capital city or anywhere of significance on the World scene. (Sorry if that doesn't help your house rise in value!!)

The 7/7 ba$tards came from Beeston, why would they bomb their own doorstep?

Because no-one would be able to tell!

Tha - bum - TISHHHHH.

[the end is a bit nigher]

Outside

Communal grounds.

oh yes........and several multi-lane carriageways, the motoring equivalent of Clapham junction!

[bobby davro]

what do people think of the market in Armley?

Do you still think it has the potential to increase?