If you have been thinking about investing in the UK property market, it is important to do your due research. From speaking to market experts to checking data from recent years, there are so many ways to research the UK property market. At the moment, Leeds has become a rather popular hotspot among property investors, potential buyers as well as renters. If you are thinking about investing in Leeds, make sure to do your research before you invest! Here are 7 different ways to research the Leeds property market.
1 Speak to local estate agents
If you want to find out about the property market in Leeds, you need to speak to estate agents in Leeds. These professionals will be able to answer all your questions and they will be able to give you a deep insight into local market trends, current demand as well as potential price growth. Also, local estate agents will be able to guide you about the best areas to invest in, the fastest growing areas as well as the areas with maximum growth potential, which is essential research.
2 Check property websites
Property websites such as Zoopla and Rightmove allow potential buyers to check average property prices based on pin codes and specific regions. For instance, if you are thinking about buying a property in Alwoodley or Horsforth, then you can use these websites to get current and past data for these particular regions. There are hundreds of such websites in the UK, so you will never be short on data when it comes to research.
3 Use government data
You can find out about property price trends in the UK from various government websites. This data can be filtered on the basis of property type, region or area as well as dates. On the UK government website, you will be able to find out the average property prices in England from January 1995. This will give you a fair idea of the average price growth as well as the year or year increase in property prices in a specific area.
4 Speak to the locals
If you are thinking about investing in Leeds, the best way to do your research is by speaking to the locals. This will give you a fair idea of crime rates, infrastructure and development, transportation and connectivity, jobs and employment opportunities, schooling and higher education, and so on. Locals will also be able to give you information regarding the best neighbourhoods, up-and-coming areas as well as the most popular neighbourhoods for rental properties. This information will certainly help you make the right investment decision.
5 Study recent price trends
The best way to research the Leeds property market is by studying the recent price trends. These trends will showcase the average growth of a certain area based on property type. Also, you can study these price trends to understand rental demand as well as potential buyer demand. You can use online tools such as Property Data to study the average price of property in a specific area and understand current market trends. Lastly, these price trends will help you understand the average cost of property at any given time as well as future price growth predictions.
6 Opt for free online valuations
You can opt for free online valuations to get a fair idea of the price of a potential property in Leeds. While these free online tools might not be 100 per cent accurate, they will give you an understanding of the value of a property. If you have already found a property in Leeds that you are interested in, this is a great way to compare the asking price to the average property price in the area. And, it could give you an upper hand during negotiations.
7 Study the experts’ predictions
Websites such as JLL and Knight Frank and banks such as Halifax and Lloyds always give their predictions regarding the UK housing market. These predictions are related to the housing market as a whole as well as to specific regions and areas. If you study these predictions made by the property market experts, then you will be able to understand what to expect from the UK property market in the future.