Leeds is becoming one of the best places to live in the UK, and of course estate agents in Leeds are in agreement. Based on the cost of living, job opportunities and happiness scale, Leeds has been ranking pretty high on the list of the best places to live in the UK for the past few years now. And, there are quite a few reasons that Leeds is ranking highly on these lists, such as a whole lot of green spaces, three amazing universities and a long list of great schools as well as a whole lot of culture, food and music. Leeds also offers some of the best employment opportunities in northern England! What’s not to love about Leeds?
Now, that brings us to the question at hand. Is it better to buy a house or a flat in Leeds? Well, the average price of a property in Leeds is around £256,764. In the last year, the major chunk of property sales in Leeds was for semi-detached properties which were sold for £247,541, on average. On the other hand, detached properties were also in demand but at a much steeper price, amounting to £464,164 on average. Terraced properties in Leeds were sold for around £202,452 in the last year itself. However, the good news is that there are quite a few properties in Leeds that are still on the market for interested buyers, ranging from one-bedroom flats to three-bedroom detached properties, both leasehold and freehold. Horsforth, Chapel Allerton, Bramhope, Roundhay and Alwoodley are some of the best areas to buy property in Leeds.
But, is it better to buy a house or a flat in Leeds? For one, it depends on the number of bedrooms that you require. In a place like Leeds, it is quite easy to find a one-bedroom or two-bedroom flat, but finding a three or four-bedroom flat to accommodate your whole family might just be a little more difficult. On the other hand, finding a two-bedroom or three-bedroom house in Leeds is quite easy. Usually, families prefer to live in houses as opposed to flats as the space is bigger, every family member has room for privacy and most houses have gardens and outdoor spaces. In the past few months, the demand for backyards and gardens has become very common among potential buyers and tenants, especially for those who have young children or family pets. Also, another advantage of a house in Leeds is that they have garages which can be used for parking and storage or can even be converted into a home office if you need the extra workspace.
For long-term buyers, houses are a better investment as houses increase faster in value when compared to flats. Also, houses have room for improvement and renovations, which allows a homeowner to add value to their property. For instance, a homeowner can build an outdoor patio or add a bedroom, maybe even create an outhouse in the garden. Flat owners do not have the space or the jurisdiction to create more rooms and bathrooms, thus being unable to add to the value of their property.
With that being said, flats have their own advantage. For one, flats are much cheaper to buy and they are easier to maintain. For a young professional or a newly married couple, a flat is a much better investment than a house when we think of mortgage payments, maintenance and repairs, property upkeep, utility bills and so on. Also, flats tend to be more desirable in cities, especially professional cities with a lot of job opportunities. A flat owner might find it easier to sell their flat in Leeds as opposed to selling a house there, as the demand for flats is much higher in a working city like Leeds. Also, landlords are required to maintain the common areas of the apartment building such as the lobby or entrance, the shared rooftop, the exteriors of the building and so on, which definitely reduce the burden of maintenance from flat owners.
In essence, buying a flat or a house in Leeds both have their advantages and disadvantages. As a potential property owner, you need to decide how much money you are willing to spend on your new home, the number of bedrooms you need, the kind of property you are interested in buying as well as your short-term and long-term plans for the property.