Moving to Leeds - up and coming areas
Discussion
I think the CI flat is almost at the point of it's true worth - certainly not a repo bargain that it first looked, especially as it needs that mould sorted around the windows, new carpets throughout and new unit doors in the kitchen.
City centre flats have climbed 20% in the last 12 months IMO and the rental market similarly.
City centre flats have climbed 20% in the last 12 months IMO and the rental market similarly.
Shnozz said:
I think the CI flat is almost at the point of it's true worth - certainly not a repo bargain that it first looked, especially as it needs that mould sorted around the windows, new carpets throughout and new unit doors in the kitchen.
City centre flats have climbed 20% in the last 12 months IMO and the rental market similarly.
Has anyone got a link to this flat? Couldn't find it on Rightmove. I'm about to put my Park Row flat with Terrace and Parking on the market. So gauging what's going for what price...City centre flats have climbed 20% in the last 12 months IMO and the rental market similarly.
Mr Overheads said:
Has anyone got a link to this flat? Couldn't find it on Rightmove. I'm about to put my Park Row flat with Terrace and Parking on the market. So gauging what's going for what price...
I would have thought a 2 bed on Park Row with parking and terrace wouldnt go for less than £200k. The thing is with Park row is that the size and interior quality of the flats seem to vary massively, so the flat could well be worth a lot more if it ticks the right boxes.The City Island flat is definitely not the bargain we all thought it was originally. I am surprised by the amount of interest its had, but then that could be a sign of where the market is heading in Leeds.
I think Shnozz is right in saying that flats have gone up 20%. Buy-to-let is also booming (7% yield is common) which adds to making Leeds city centre a great place to invest IMHO.
Yup, the CI flat no longer looks like a repo bargain and will go for it's true value. It does need a recondition throughout the really, especially the areas of mold like you said shcnozz.
20% in 12 months again puts me off a city centre flat though, as 20% in a city like leeds in 1 year IMHO is just unsustainable and worries me for the future values. Whereas something in Oakwood should be able to resist a light down turn better?
Saying that even sheffield is booming ATM. Bought my flat in August last year for £85, mutliple have now sold in my block, some worse than mine, for £120k. Thats a £35k rise in 1 year, let alone the £625 rent per month I've received off it (mortgage £220 interest only).... Happy days. Tempted to sell up and run as the prices are getting silly now.
20% in 12 months again puts me off a city centre flat though, as 20% in a city like leeds in 1 year IMHO is just unsustainable and worries me for the future values. Whereas something in Oakwood should be able to resist a light down turn better?
Saying that even sheffield is booming ATM. Bought my flat in August last year for £85, mutliple have now sold in my block, some worse than mine, for £120k. Thats a £35k rise in 1 year, let alone the £625 rent per month I've received off it (mortgage £220 interest only).... Happy days. Tempted to sell up and run as the prices are getting silly now.
Just to reassure you about Leeds city centre....
If we take Westpoint for example, in 2006 a 2 bed flat with parking (nothing spectacular) sold for around £240k. In 2013, these flats were selling for just £150k. Fast forward to todays values and they are now commanding £170-£180k, still £60k off what they were back in 2006. Most places in Yorkshire have now caught back up to what they were worth back in 2006/2007 value, but Leeds is still has someway way to go.
One could obviously argue the supply is out stripping demand in Leeds, but if you believe the papers, then Leeds is at 99% occupancy in the rental market. Backed further by the fact that these flats rent quickly for £900+pcm (over 6% yield).
To back the above up even further, the addition of the Trinity centre, soon to be Victoria gate and also the HS2 will all help in pushing prices up further.
If we take Westpoint for example, in 2006 a 2 bed flat with parking (nothing spectacular) sold for around £240k. In 2013, these flats were selling for just £150k. Fast forward to todays values and they are now commanding £170-£180k, still £60k off what they were back in 2006. Most places in Yorkshire have now caught back up to what they were worth back in 2006/2007 value, but Leeds is still has someway way to go.
One could obviously argue the supply is out stripping demand in Leeds, but if you believe the papers, then Leeds is at 99% occupancy in the rental market. Backed further by the fact that these flats rent quickly for £900+pcm (over 6% yield).
To back the above up even further, the addition of the Trinity centre, soon to be Victoria gate and also the HS2 will all help in pushing prices up further.
Gassing Station | Yorkshire | Top of Page | What's New | My Stuff