Leeds
The market in city centre Leeds is suffering from a bulge in supply, particularly in flats priced between £150,000 and £250,000. There is a dearth of owner-occupier buyers and we have seen re-sales struggle to sell unless very competitively priced. Sellers who absolutely have to sell are forcing prices down in the mid-price ranges, whilst auction is being used as a route of last-resort in some blocks such as Aspect 14. Flats under £150,000 can generally find a buyer, but this is a usually another investor keen to capitalise on a ‘bargain’ price. Some schemes are fairing better than others because of strong location – such as Roberts Wharf, Fearn Island Mills and Basilica. Unfortunately valuers have had to mark down City Island this year because of evidence from forced sales in the block. Rental demand in Leeds remains positive.
