Rightmove has crowned Leeds the best place for buyers to make their first steps on the property ladder. As the city centre gets back to speed following the covid19 pandemic, Leeds is proving itself to be an excellent choice for first time buyers and for a beginner property investment.
One of the reasons Leeds is such a good option for first time buyers and property investors is its relatively low property prices. As of April 2021, the average asking price for a Leeds city centre property was less than £160,000.
This is compared to much higher average property prices in other major city centres, such as Manchester at £231,000 and London at a staggering £1.66million.
Low property prices aren’t just good news for first time buyers. The affordable asking prices mean excellent rental yields are likely, making Leeds an attractive option for beginner property investments. Rental yields in Leeds city centre average at a very healthy 5% for buy-to-let landlords.
And what’s more is that a huge number of these properties come with the very same requirements that have become more important to people following the pandemic. Parking and outdoor space are now high on residents’ wish lists, and over 50% and 25% of Leeds city centre properties feature these respectively.
Growing city centre demand
Demand for properties in Leeds city centre is increasing. But this isn’t just for starter homes or beginner property investments. As students return to in-person studies, demand from student tenants is likely to rise too.
Tim Bannister, Rightmove’s housing expert said of the growing demand: “These are early signs but they certainly point to some good news for city centres across Great Britain, with a number of agents now telling me they’ve seen a marked uptick in demand from first time buyers, and they’re managing to sell city centre flats more quickly than in earlier months of the year.
“People starting to venture in to their local high streets and once again experiencing the buzz of their city centres, along with greater mortgage availability for first time buyers, means city centres are staging a much-needed comeback in the market.”
City centre lifestyle
Another reason why Leeds is so popular for first time buyers and beginner property investors is its fantastic city centre lifestyle. With plenty of bars, eateries, shops, leisure facilities, entertainment options and breath-taking outdoor space, Leeds really has something for everyone.
An increasing number of employers are establishing sites in Leeds too. This has helped Leeds secure a high graduate retention rate of almost 40%, with nearly half of all Leeds students deciding to stay in the city to work, rent and eventually buy a property.
To find out more about making your first property purchase or a beginner property investment in Leeds, get in touch with North Property Group now.