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How does COVID 19 impact property in the UK?

  • Posted:  4 weeks ago
  • Categories:  Covid

The team at Priestley’s Estate Agents were featured on ITV Calendar recently. During this interview, the owner and managing director, James Priestley, shared the views that the sales property market in Leeds and Yorkshire is booming.

The video link to the interview can be found on ITV.com/calendar

The link between this pandemic and a rise in sales is due to the exemption of stamp duty up to £500,000. The general public and investors alike are reaping the rewards of free stamp duty before it’s too late.

Priestley’s Estate Agents sell properties in Leeds everyday and have seen a 43% increase in Sales compared to 2019.

Unfortunately, Priestley’s have also reported an increase in the banks criteria to lend to first time buyers. With the uncertainty of COVID 19 looming over Yorkshire, it is not a mystery why banks are approaching new customers with the highest caution. In order to counter this caution, the banks have decreased their loan to value lending. This means house buyers will need to pay a higher deposit. This has proven difficult for first time buyers who struggle to save more than a 5% deposit.

If anyone would like advice on purchasing, renting, letting, or selling your property in Leeds, contact Priestley’s and arrange a no obligation meeting at their head office below;

Priestley House

170 Elland road

Leeds

LS11 8BU

0113 222 4537