Recent data from JLL has revealed how the Leeds property market will continue to outperform the UK average for 2021 and beyond. Already one of the best housing markets in the country, during 2020 Leeds property prices increased by 9.26% compared to a UK average of 7.5%. With this trend set to continue, there is no better time to make a Leeds property investment.
Continued five-year growth
People with a Leeds property investment have got a very positive five years to look forward to. The 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.
The best in the region
These numbers are not only above the UK average, but the Yorkshire region as a whole. JLL predict that house prices in the wider Yorkshire region will fall by 2% during 2021, but will bounce back with 12.5% growth by the end of 2025.
For investors looking to the north of England at the end of 2020 and into 2021, a Leeds property investment remains a secure choice.
High transaction volumes
Leeds also leads when it comes to transaction volumes. The city has seen some of the highest rises in the number of sales completed during 2020, despite the coronavirus pandemic and national lockdowns.
This seems set to continue as homeowners and people looking for a Leeds property investment set their sights on the city. However, JLL say that for the UK as a whole, housing transactions will remain below pre-covid anticipated levels. They forecast that there will be 700,000 fewer transactions between 2020 and 2022 throughout the UK compared to pre-covid predictions.
But with Leeds secure as a top choice for businesses and people relocating from other parts of the country, the city’s good sales levels will remain sustainable.
Contact us – Leeds Property Investment
To find out how to take advantage of the booming Leeds property marketing and to begin your journey to a Leeds property investment, get in touch with North Property Group today.