Understanding the Housing Market: Market Conditions
Before getting into details about housing, it is important to look at the "big picture". You are entering the housing market, maybe for the first time, and whether you are living in university of private sector accommodation, the main determinants of what you can rent will be decided by the particular factors of your local housing market.
-
How expensive is it to live in your area?
-
If there an accommodation surplus or a shortage?
-
Is there enough good quality rented housing?
These answers to these questions will determine when you should look for housing, how much you can be expected to pay and how much you can negotiate and what you can expect to rent. It is not good trying to drive a hard bargain with a property owner if they can let the property to others that afternoon and it is no good paying a high rent when there are plenty of cheaper, comparative properties available.
To give you some idea of the housing market here are a few indicators:
- Although rents vary the average cost of rents in your area is £62.61
- This could be described as an average cost housing area
- The number of students housed directly by the institutions in Leeds is 12,600
- The number of students housed in the private sector is 29,400
Leeds average rents in 2008-9 for a room in different types of properties are as follows:
|
Property Type |
Average Rent |
|
Studio Flat |
£93.83 |
|
Private Hall |
£81.33 |
|
Self-Contained Flat |
£79.54 |
|
Shared Flat |
£65.33 |
|
Shared House |
£59.81 |
|
Owner Occupier |
£66.41 |
The average rental figures, however, are becoming increasingly unhelpful as a guide to certain sectors of the accomodation market. There is clear evidence that better quality properties command better rent levels. There are a significant number of students willing to pay above the average rent for a room in a good quality house.
The rental differences between areas are particularly telling in this regard. Below are these rents comparing the last two years with the % rise indicated.
|
Area |
2007-2008 |
2008-2009 |
%Rise |
|
Burley Lodges |
£54.69 |
£55.51 |
0.8 |
|
Brudenells (Hyde Park) |
£57.59 |
£59.01 |
2.5 |
|
Hartleys (Woodhouse) |
£55.31 |
£53.95 |
-2.4 |
|
Mayvilles and Norwoods (Hyde Park) |
£56.15 |
£58.72 |
4.6 |
|
Beechwoods and Stanmores (Burley) |
£55.97 |
£58.25 |
4.1 |
|
Richmonds and Manors Headingleys and Estcourts |
£60.55 £62.43 |
£61.18 £65.03 |
1.0 4.1 |
The current state of the housing market in terms of supply and demand is that there is a surplus at most times of the year, so you do not need to rush in to choosing your accommodation. Obviously at various times of the year there will be more choice but generally you are in a very good position when house hunting.