The excellent location of Centenary House will ensure that it will remain tenanted for years to come. With an expected rental income of up to 7.84%.
The Northern Quarter has undergone a huge transformation in recent years, creating some fantastic Leeds property investments in the district. But it’s not over yet. At the start of 2020 planning permission was granted for a £62 million project at the Northern Civic Quarter to transform the local area.
As well as significant improvements of public space, the former Leeds Council buildings will be redeveloped. A new 54,000 sq ft of office space will be created through the transformation of the Leonardo and Thoresby buildings, which were previously a Victorian school and printworks.
Another school – the Leeds Central High School building – will be revamped into a 173-bed luxury hotel. Newly built next-door and offering 166 rooms and public space will be another hotel.
The economy of Leeds has seen remarkable growth of 6% over that last five years. Whilst analysts expect that to accelerate by 8.8% over the next five years. With a working age population that stands at 140,000 just in the city centre. So it is no surprise that employment growth is also positive; with a forecast increase of 3.4% over 5 years.
But the Leeds region is far more than just a vibrant economy. It’s a modern and creative place to work and live. With the ability to reach London in 2 hours by train, Leeds is truly a well-connected city. Expected to rise, with demand far outstripping the hard-to-find supply in Leeds, is the level of growth. Therefore, it’s solidifying itself as one of the best UK cities to invest in currently.
The UK is suffering a housing shortage and Leeds is no exception. To fix this shortage of affordable homes, the Leeds region aims to build 70,000 homes by 2028.
People with a Leeds property investment have got a very positive five years to look forward to. A JLL report states that between 2021 and 2026, house prices in the city will increase by 13.5%.
There are also encouraging predictions for the Leeds rental market over the next five years. Although rental prices will remain stable during 2021, they will grow by 2.5% in 2022, 3% in 2023 and 2024, and 2.5% in 2025.
The pandemic has meant that the amount of private housing being constructed in Leeds is expected to be far below the pre-covid forecast of 20,000 per year. This shortfall in new housing, combined with a growing population and booming economy, will all ensure Leeds continues to be at the forefront of the UK’s property market.
Choosing to have an investment property in Leeds rather than anywhere else in the region is certainly paying off.
Not only is it one of the best cities to be a landlord, but the strong market growth means that houses are being sold in Leeds far above the average selling price for the region. Leeds buyers paid almost 14% more for a property in Leeds compared to properties across Yorkshire and the Humber.
Leeds is a true hotspot for property investors. Not only is it one of the fastest-growing cities in the UK, but 73% of its 800,000 people are renters.
Rental yields in Leeds average at 5.1%, but greater yields of 7% and more can be achieved in developments such as Phoenix and Riverside Apartments. With an average property price of £268,037, Leeds housing prices have increased by 9.4% over the past five years and are predicted to grow by nearly 14% over the next five.
Thanks to the booming economy in Leeds, many companies have decided to relocate here. This has led to huge levels of job growth and demand for rental properties. With a predicted rental growth of over 14% over the next five years, Leeds is an excellent choice for investment opportunities in property in 2021.
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