The average property price in Leeds sits between £240,000 and £278,000 according to a number of sources.
The Leeds property market has attracted a lot of attention from investors in recent years. This is mainly due to the city’s growth and affordability.
With average property prices across the city hovering around £278,000, Leeds is a balanced and affordable market compared to the national average of £346,000. In this article, we compare the latest data on Leeds property prices, breaking down the stats by property type, regional comparisons, and buyer demographics.
Current Property Prices in Leeds
The average property price in Leeds is £278,049, according to Rightmove.
This figure aligns with other sources, like PlumPlot’s average of £278,000.
The Office for National Statistics (ONS) reports a slightly lower average of £249,000 for November 2024, however these figures are usually provisional. Despite these variations, the data points to a generally consistent picture of the Leeds property market over the past year.
Breakdown Of Leeds Property Prices By Property Type
Prices in Leeds do seem to vary significantly by property type, which is usually an indication of the types of properties buyers are after.
Unsurprisingly, detached properties command the highest prices, averaging between £429,884 (Zoopla) and £507,000 (PlumPlot). Semi-detached homes are more affordable at £277,146 (Rightmove), while terraced properties and flats are the most budget-friendly options, averaging £207,049 and £170,000, respectively.
| Property Type | Rightmove (£) | PlumPlot (£) | Zoopla (£) | GetAgent (£) |
|---|---|---|---|---|
| Detached | 490,399 | 507,000 | 429,884 | 408,837 |
| Semi-Detached | 277,146 | 277,000 | 263,957 | – |
| Terraced | 207,049 | 208,000 | 190,894 | – |
| Flats | 151,405 | 170,000 | 151,405 | 171,589 |
Detached homes, often in wealthy suburb areas, cater to families looking for more space, while flats are more popular with the rental and first-time buyer markets. This creates opportunities for both buyers and investors with a range of affordable options in the city.
Price Trends and Growth
Modest Yet Steady Growth
Leeds has experienced modest price growth in recent years, with PlumPlot reporting a 1% increase over the last 12 months. The ONS highlights a slightly higher annual increase of 6.3% for November 2024 compared to the previous year.
These figures show a stable market that offers resilience against broader economic fluctuations.
Price Ranges
The majority of sales in Leeds occur in the £150,000–£250,000 range, which accounted for over 37% of transactions last year. This range attracts first-time buyers and young families, reflecting the affordability and accessibility of the market.
| Price Range (£) | Market Share | Sales Volume |
|---|---|---|
| £150,000–£200,000 | 19.3% | 1,629 |
| £200,000–£250,000 | 17.9% | 1,512 |
| £250,000–£300,000 | 13.1% | 1,102 |
*Data by Plumplot
At the higher end of the market, properties priced over £500,000 accounted for only 6.8% of transactions, demonstrating a more limited premium property market than other large cities like London or Manchester.
See our guide around London property prices and our guide around Manchester property prices.
Regional Comparisons
Despite its national affordability, Leeds is still one of the higher-priced cities in Yorkshire and The Humber, where the regional average is £218,000 (ONS).
The city ranks 42nd out of 105 postcode areas in England and Wales for average property prices, highlighting its position as a popular location that remains affordable compared to the national average.
Comparison with Nearby Cities
- Leeds (£278,000) vs. Yorkshire & The Humber (£218,000): Leeds’ property market is more robust, reflecting its status as a regional hub.
- Leeds (£278,000) vs. England & Wales (£346,000): The city offers a more affordable alternative to many southern cities.
Affordability and Buyer Profiles
First-Time Buyers
First-time buyers in Leeds paid an average of £214,000 in November 2024, a 6.9% increase from the previous year (ONS).
This figure remains lower than the average for home movers, which stands at £293,000. The affordability of Leeds, particularly in areas with good transport links and amenities, continues to attract young professionals and families.
Affordability Ratio
The median house price-to-earnings ratio in Leeds is 6.8, significantly below the England and Wales average of 8.14. This makes Leeds an attractive market for those looking to step onto the property ladder without battling high borrowing costs.
Rental Market Insights
The rental market shows similar trends to the sales market, providing opportunities for investors. The average monthly rent in Leeds is £1,097, a 3% increase year-on-year (ONS). Rental prices vary based on property size and type:
- 1-bedroom properties: £743/month
- 4+ bedroom properties: £1,639/month
- Flats: £865/month
- Detached homes: £1,457/month
Rental yields are particularly strong for properties in high-demand areas, with flats and maisonettes showing strong returns.
Challenges and Opportunities
Decline in Sales Volumes
While prices have remained stable, sales volumes have dropped by 20.1% over the past year, with only 8,400 transactions recorded (PlumPlot).
This drop could be due to economic uncertainty and tighter lending criteria, which have prevented people wanting to buy and sell.
Demand for New Builds
Newly built properties in Leeds are priced at an average of £335,000, significantly higher than established homes (£276,000). This reflects the desire for modern, energy-efficient properties, particularly in commuter-friendly areas.
Average Property Prices in Leeds: An Opportunity
Leeds is a vibrant property market marked by affordability, steady growth, and diverse opportunities.
With average prices below the national average and a strong rental market, the city appeals to a wide range of buyers, from first-time homeowners to seasoned investors. While the decline in sales volumes might seem like a challenge, the market’s resilience and demand for new builds signal long-term potential.
For anyone considering investing in Leeds, the key is understanding the local dynamics—whether it’s targeting the £150,000–£250,000 price range for first-time buyers or exploring rental opportunities in high-demand areas. With its affordability and growth potential, Leeds continues to be a cornerstone of the northern property market.
If you’re looking to invest in Leeds property and want to find out more about Bridging Loans in Leeds, get in touch with Blue Square Capital today.