"In working with housebuilders and estate agents in all regions of the UK, it’s clear to see which areas are seeing the most search demand – with Leeds becoming increasingly popular amongst first-time buyers"
- Vernon Pethard - newhomesforsale
Demand for new build homes in Leeds has increased significantly amongst first-time buyers in recent years.
The findings form part of new research from property website, newhomesforsale.co.uk, which has revealed a massive 66% of enquiries for new build properties in the area were from first-time buyers during Q1 2024 - up from 57% recorded in Q1 2023.
New build property prices in Leeds remain competitive for first-time buyers, with individual apartments available for less than £100k through to family homes priced around £245,000 - £37,000 lower than the average property selling price of £282,000, according to the latest data from the Office for National Statistics.
Not only does this reinforce a clear and growing demand for first-time buyers to get onto the property ladder despite volatile mortgage rates, but also positions Leeds as an increasingly popular location for the new build buyer market.
Vernon Pethard, founder and director of newhomesforsale.co.uk, said: “In working with housebuilders and estate agents in all regions of the UK, it’s clear to see which areas are seeing the most search demand – with Leeds becoming increasingly popular amongst first-time buyers.
"Despite the latest data from the ONS revealing growth in the value of new build homes - with prices having increased by 8.8% in January 2024 and up 16.6% over the last 12 months alone - more and more first-time buyers are attracted by new builds, likely due to the low maintenance and running costs when compared to older properties.
"Overall, although 2023 was a difficult year for the property market, search volume and demand still remained high, so I think 2024 will prove much more positive particularly with the growth in the new build sector – with Leeds set to come out as one of the UK’s leading locations for the first-time buyer market.”
