More and more property investors are leaving London behind and turning their sights to invest in Leeds. But what’s so special about this West Yorkshire city? Here are five reasons property experts are heading north to place their funds.
The fastest growing city in the UK
Leeds boasts the fastest growing economy in the UK, worth £62.5 billion and with a population of 3 million in 2017.
Major plans, supported by Leeds City Council, are underway to regenerate the city and create new job opportunities. By 2027 the economy is predicted to grow by 25%. Consequently, these projects attract people to the area which makes perfect sense to invest in Leeds.
Large student population
With four universities, numerous colleges and higher education establishments, Leeds is home to around 200,000 students. Making it the fourth largest student population in the UK. Leeds has a good graduate retention rate. This is due to people staying in the area to take advantage of the diverse job market.
Major new developments are underway to create high-end, purpose-built student apartments and privately-rented accommodation and therefore fulfil the needs of young people who desire quality, city-centre lifestyles.
High levels of building investment
Leeds is a major hub for investment. Over the last 10 years over £4 billion has been invested in the city, with £7.3 billion still in the pipeline.
Regeneration projects are in progress across Leeds, including the redevelopment of the South Bank area which will create thousands of new jobs and homes, as well as commercial outlets.
Since 2007 the average house price in Leeds growing by 105%.
Major transportation improvements
As part of the Northern Powerhouse initiative, Leeds is set to benefit directly from improved transport connections. This is due to projects such as the Northern Powerhouse Rail. Therefore travel times to other northern cities and the capital will be reduced dramatically, and with easy access to key international airports Leeds is set to become a global business hub.
A vibrant culture
Leeds has a long and successful history having been the centre of the 19th century industrial revolution. Although many of the city’s buildings date back to that time, Leeds hasn’t been left in the past. In fact, Leeds is now a young, diverse and forward-thinking city. Leeds successfully blends old and new architecture along its streets.
With all of these attractive qualities it’s no wonder Leeds is a hotspot for investment opportunities.
If you are looking to invest in Leeds, contact an investment consultant at North Property Group and we can explore the current opportunities on offer. Click here for our guide to property investments in Leeds.