Leeds continues to experience a rental boom and has seen the largest growth in rent prices both quarterly and yearly out of all of UK major cities as rental prices in Leeds grow by 50%, the growth of these rental prices will increase Leeds property investments. In Q1 2019 rental prices went up by 32%. Overall for the year they increased by a massive 50%, the growth in rental prices have increased Leeds property investments. This once again proves that Leeds is an ideal opportunity for property investors.
These encouraging figures were published by flat sharing platform, Ideal Flatmate. As part of their Q1 2019 Room Rental Index they analysed the prices of thousands of rooms across the UK and how they have changed in different cities over time.
Which city provides the best rental returns for property investment?
Tom Gatzen, co-founder of ideal flatmate, stated: “Outside of London, we’re seeing strong regional growth in areas such as Leeds, Portsmouth, Liverpool and Glasgow and while they remain much more affordable, it demonstrates the diversity of the UK rental market and the growing pockets of popularity that stretch across it.”
Overall rental prices across the UK have grown by an average of 11% since Q1 2018. They are now £535 per month for a single room. Unsurprisingly, rooms in London are the most expensive with an average monthly cost of £745. This differs between the capital’s boroughs, from £585 in Havering to £1,167 per month in the City of London.
Leeds rental prices surge which makes it a great time for property investment
But Leeds isn’t far behind as rental prices grow by 50%. Out of the UK’s top cities, the Room Rental Index found Leeds to have the fifth highest rents. An average room costing £548 per month, comfortably above the UK average.
As well as great growth in rental prices, the city is experiencing a huge increase in rental demand; this growth in demand and rental prices will increase the Leeds property investments. This is making Leeds a great place for investments and now the perfect time for property investors to consider the city. The majority of residents in the city centre are in the private rental sector and demand here is so great that Leeds City Council has ring-fenced space for 20,000 more homes to be built in the city centre.
Leeds City Centre continues to grow
This influx of people into Leeds, spurred on by its growing jobs and residential market, has seen a revival in the city’s property and development industry. It is a major player in the Northern Powerhouse and was recently named one of the best places to live in the UK. With this in mind, rental demand is only expected to grow.
Now is the perfect opportunity to invest in Leeds. There is a truly unique opportunity to take advantage of the fastest-growing rental prices in the country. Don’t miss your chance and contact Leeds experts North Property Group today. Click here for our guide to property investments in Leeds.