Auction properties in Leeds, England
Buying auction properties in Leeds, England
Because of its many benefits, it will come as no surprise to learn that home buyers, investors and business owners are all interested in buying auction properties in Leeds, England. The UK’s third largest city offers a wide range of job opportunities and is home to 119,000 companies, offering goods and services which range from banking/finance to engineering. One of the main benefits of living there is the affordable cost of its housing. These relatively low prices can be even cheaper if potential buyers opt for buying auction properties in Leeds.
Property prices in Leeds
Buying property in Leeds is much more affordable than towns and cities in the south of England. However, location is one of the key factors to bear in mind. Affluent areas like Alwoodley, with the proximity of Eccup reservoir and its two golf courses, have detached houses which start at £300,000. However, there are other suburbs of the inner-city area, such as Armley, where a terraced house can cost £90,000-£110,000.
Travelling further away from the centre of Leeds can also bring the price down even more. There are opportunities to find bargain prices in villages like Bramhope, which is located 9 miles from the centre. Part of the Adel-Wharfedale area, this picturesque rural setting has a wider variety of homes for sale which can be up to a third cheaper than similar ones nearer to town.
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Where should I look for auction properties in Leeds?
Covering an extensive area of over 500 square kilometres, there is a wide range of residential properties at auction in Leeds. From detached homes with land attached to 19th century back-to-back terraced houses of red brick, you will be sure to find something which suits both your personal preferences and your budget.
Our recommendations for anyone looking for a property at auction in Leeds are as follows:
Located on the banks of the River Aire, Leeds Waterfront has undergone a massive transformation over the past twenty years. Many of its former warehouses have been converted into flats or studio apartments while the rest of the housing stock there is mainly terraced houses. The average price of these properties is £179,000 because there are very few semi- or detached houses. This area appeals to young professionals who enjoy the fact that all the amenities of the centre are on their doorstep.
Although traditionally a student area, the suburb of Headingley is attracting a wider variety of buyers as it goes upmarket. As a suburb, there is the usual mix of property types with more semi-detached homes than in the centre. The average price of property in the area is £217,000 but experts predict that this will rise dramatically in the coming decade as more professionals and first-time buyers (often with young families) move there. With a good town centre, a regular local bus into the centre and two train stations, it is easy to commute from Headingley.
Only five minutes north of the city centre, Roundhay is an area which attracts many families. They are drawn to the area because of its excellent primary and secondary schools and easy access to the surrounding countryside. Roundhay Park, with its two lakes in a woodland setting and regular outdoor events, is another reason for its appeal. The housing stock ranges from flats to semi-detached properties with limited detached houses, and their average price is £250,000.
Located a mile to the south of the centre, Hunslet is at the heart of Leeds’ former heavy industrial past. Although the housing stock is mainly terraced houses, there are some other property types available as well. Many of these houses have not been well maintained which is the reason why it has the cheapest property prices in Leeds, an average of £137,000. This area is centrally located for easy access to all the city centre facilities and for people who work in the town centre.
Chapel Allerton is a quieter suburb but with a lively local centre comprising a variety of retail outlets as well as independent bars and restaurants. The annual Leeds West Indian Carnival (started in 1967) is characteristic of its cultural diversity and community spirit. This area is popular with students, first-time property buyers and young professionals. It has also seen a lot of interest from property investors who have been priced out of more affluent neighbourhoods, making it one of the most popular areas for buying auction properties in Leeds. Its housing stock reflects the history of Leeds and varies from HMOs to some detached houses.
Auction Properties in Leeds FAQ
How can I find auction properties in Leeds?
The local press and the websites of auction houses give details of upcoming property auctions in Leeds. These will give the most important information about properties for auction including the guide price and a legal pack.
How much are auction properties in Leeds?
The average price of auction properties sold in Leeds is around £225,000. However, this price can be affected wildly by factors such as property type and location. The average price of flats sold at auction in Leeds is around £138,000 while you can expect to pay £155,000 for a terraced house in the city.
Which areas are best to find auction properties in Leeds?
The Waterfront is a very desirable area to buy an auction property in Leeds. Popular suburbs include Headingley, Roundhay and Chapel Allerton. For those interested in a more rural setting, Bramhope is the best place to look. Leeds is a large city with many opportunities for buying property sold at auction.
Can I buy repossessed properties at auction in Leeds?
It is possible to buy repossession properties in Leeds which are sold at auction., however creditors generally prefer to sell repossessed properties through an estate agent due to the higher prices which can be achieved. If they are unsuccessful selling the repossessed property via an agent, homes are often put up for auction.
Resources for property buyers in Leeds:
Council tax rates for the city of Leeds
General information about Leeds and surrounding area from Visit Leeds
What kind of auction properties in Leeds should you look for?
Apart from houses sold at auction, the city’s thriving economic role means that there are also opportunities for anyone interested in buying a retail, industrial or commercial property at auction.
Retail properties in Leeds
Apart from the city population of over 750,000, the Leeds Metropolitan area has 2.6 million inhabitants, many of whom come into the city centre for their shopping. Added to this are the estimated 65,000 students who attend one of the nine higher educational institutes situated in Leeds. The modern Victoria Gate shopping centre alone welcomes 23 million visitors every year. This potential customer base makes Leeds the ideal location if you are looking for a retail property at auction.
There is a wide range of retail auction properties. These vary from the ornate Victorian shopping arcades in the city centre (with office or flats above) to the Corn Exchange, with a range of independent and vintage shops. When deciding among the retail premises for sale at auction in Leeds, location is key and depends on the goods and services you will be offering and your potential customers. If you find centrally based retail properties too pricey, each suburb has its own main shopping street where you can pick up retail space at auction for as little as £60,000.
Derelict properties in Leeds
Despite extensive regeneration around the centre (such as the Leeds Waterfront), there are still bargains to be found if you are interested in finding a derelict property to renovate. Areas on the fringes of sought-over areas are the best places to look for such properties such as Oakwood, Meanwood and Kirkstall.
When buying badly maintained properties at auction, it is important that you budget carefully and have access to auction property financing. If you are planning to convert larger townhouses or warehouses into HMOs, you should check the Leeds City Council licensing scheme. This operates in selected areas and might affect your ability to make money from your investment.
Industrial properties in Leeds
From workshops to distribution warehouses and fully-equipped factories, there are many opportunities if you are planning to set up a business or relocate to Leeds. Many are located on the outskirts of the city or in industrial parks where there is plenty of room and close access to transport infrastructure. Industrial auction properties vary in price from £500,000 to over £2 million depending on their footage, location, age/condition and facilities.
5 reasons to buy auction properties in Leeds
Friendly people of Leeds
Despite its size, the people of Leeds have a reputation for being friendly and welcoming. Community ties are still strong and this is an important factor in your quality of life there should you choose to buy a property in the city.
The countryside surrounding Leeds is beautiful
Apart from the city’s parks, the Yorkshire Dales is easily accessible from Leeds. This beautiful area of picturesque villages and gentle hills is unspoilt and a great day’s excursion for those who want to get out of the city or enjoy outdoor activities like hiking. Some of the small villages surrounding Leeds present excellent property buying opportunities for shrewd investors.
The transport links from Leeds are excellent
Leeds railways station is the busiest in the north of England and has regular services along the East Coast Main Line (with access to Scotland, the Midlands and the south) and across Yorkshire as far as Scarborough. Coach services and motorways (the M1 and M62) also pass near the city.
The shopping facilities in Leeds are wonderful
Apart from modern shopping centres and independently owned local stores, Leeds also has one of the largest indoor markets in Europe. Kirkgate Market, located in a Grade 1 listed building, has 800 stalls and regularly receives 100,000 visitors every week. Good shopping facilities are important for any prospective home buyer when considering a location for a property purchase.
There are good employment opportunities in Leeds
Leeds has diversified since its past reliance on heavy manufacturing. It is the home of the UK’s second largest financial/banking sector, a major hub for legal services as well as offering job vacancies in digital and media industries. For this reason, it was chosen by Channel 4 as the site of its new regional headquarters.
A final word about buying auction properties in Leeds
The key to being successful at finding suitable auction properties in Leeds is to thoroughly research which part of the city you wish to purchase your property in. This depends if you intend to live in the property yourself or if it is a long term investment, such as a buy-to-let property. Leeds has a lot to offer when it comes to the property market but being a large city there are variations in the prices and property types throughout the city.
There are a number of auction houses in Leeds which sell properties, both commercial and residential. Leeds also offers excellent opportunities when it comes to flats and land for sale, plots which can be redeveloped and even auction properties outside Leeds in one of the surrounding villages and towns. All in all, auction properties in Leeds are a good investment but be prepared for a competitive property market and hot competition and almost every property auction in Leeds.