Yorkshire housing expert predicts a positive year ahead for buyers in Leeds

Andrew Mannion, group new build development director from RSC New Homes, says now is the time to buy with enhanced affordability for buyers; as well as more competitive mortgage rates, help for first time buyers and deals available on new homes.

Andrew, who along with his team have been working with Redrow for the past 16 years, says the new build market is also looking positive with mortgage lenders taking energy efficiency into account when agreeing mortgages and the amount customers can borrow.

“New homes will always be a good investment in our view based on energy efficiency, and the savings homeowners can achieve on their energy bills compared to older homes,” said Andrew.

“All mortgage products with all lenders are generally available on new build houses. However, we are now seeing enhanced affordability for customers buying energy efficient homes such as Redrow homes. Redrow, for example, also has some great deals available, including its Key Worker deposit contribution scheme and tailormade deals on specific plots.

“Higher valuations, lower mortgage rates, higher borrowing potential, lower bills and maintenance costs and no outlay on renovations – all these things make buying a new home a good move!”

Redrow is currently building at Centurion Fields in Leeds, with plans progressing for two further sites as part of the East Leeds Extension, showing the company’s commitment to delivering the homes the area needs.

Located off Manston Lane, Cross Gates, Centurion Fields includes three and four-bedroom homes. Once complete, the development will feature 200 properties from Redrow’s popular Heritage Collection.

Redrow recently completed its hugely popular Thorpe Park development.

“We actually saw around a 2% increase in house prices over the last year in North of England, according to Zoopla, which backs up our theory that there is still good demand for high quality housing in popular areas,” said Andrew. “Certainly, the Northern regions have seen higher house price growth than southern regions overall and we are seeing a trend for buyers selling up in the south and moving north, where they can get so much more for their money.

“We anticipate 2026 to be around the same in terms of house price growth.”

Andrew also predicts a good year for first time buyers, with lenders focusing on helping new homeowners on to the property ladder.

“We are seeing improvements to mortgage affordability, average lending amounts increasing for first time buyers – in some cases seven times their income - and mortgage enhancements/affordability calculations based on energy efficiency, which we anticipate we will see more of in 2026,” said Andrew.

“Today there are more lenders offering affordability boosts and higher loan to value mortgages, of 95%, than we have seen at any point over the last 10 years. That shows lenders have confidence in the market. We are anticipating further easing of interest rates throughout the year, with an expectation of around a 0.5% reduction in base rate throughout this year.

“Buyers should bear in mind that the base rate, currently at 4%, isn’t directly linked to the rates available to customers. Rates are based on “expectation” and the banks/economists view of the future – and they are very competitive now. In fact, in my 25 years in the industry, I don’t recall another time when lenders were offering mortgage rates below the Bank of England base rate as they are currently.”

And with mortgage rates now more competitive and rents increasing heavily over the last few years in certain areas, Andrew says that buying a property is often more cost effective now than renting.

“Lenders are now offering terms up to 40 years which helps first time buyers with costs over the first few years and often means owning a home is cheaper than renting,” said Andrew.

“My advice for anyone looking at purchasing a new home this year is to speak to a mortgage broker upfront and establish what products are available to you and how much you can afford to borrow.

“Always ensure that you have healthy bank statements for three months and can evidence your income and where your deposit is coming from. It’s always a good idea to have a look at your personal credit report and check the data on there before applying for a mortgage. Checkmyfile.co.uk is a great tool to review your credit report before speaking to a mortgage broker. Bear in mind any debts such as loans and credit cards will impact how much you can borrow,” he added.

For further information on where Redrow Yorkshire is currently building visit www.redrow.co.uk/Yorkshire