Leeds is one of the fastest-growing cities in the UK, making it an attractive property investment prospect. The Leeds City Region is the UK’s biggest economy outside of London. It is worth £66.5 billion annually (£21.3 billion of which comes directly from the city of Leeds) – an increase of 40% over the previous decade. As a key Northern Powerhouse city, the Leeds economy is predicted to grow by a further 21% by 2027.
Leeds’ Population Boosting Property Market
Leeds is booming. Its population is expected to increase to 819,000 by 2024; driving rental demand in the region. With only 60,000 new homes in the pipeline – far short of the required 90,000 by 2021 – the Leeds housing market will certainly benefit.
Since 2011, property prices in Leeds have grown by an average of 211%. By 2022 house prices are forecast to increase by 19.9% and rental prices by 18.8%. In 2018 the Leeds property market was estimated to be worth £59.05 billion and will further improve over the coming years.
With 119,000 businesses in the Leeds region it is the largest centre for financial and business services outside of the capital. It is home to a £1 billion tech centre, earning Leeds the name of ‘digital capital of the North’. In recent years young professionals have flocked to Leeds; it experienced the highest increase in employment rate of any major city between 2009 and 2017.
Culture in Leeds
Leeds is also the cultural heart of West Yorkshire. It has a thriving arts scene. Furthermore, it is well known for its artistic talent. Names such as Henry Moore, Barbara Hepworth, Kenneth Armitage and Damien Hirst are synonymous with the city, all having studied at Leeds Arts College.
The Leeds Cultural Strategy 2017 – 2030 proves the City Council’s long-term commitment to the city’s culture. This strategy aims to prioritise and develop cultural activity so Leeds becomes a national and international cultural hub. This will make Leeds an even more attractive location for people to live and visit.
Building a Reputation as a Student Hotspot
Leeds is also a top UK destination for students. There are nine universities in Leeds producing almost 40,000 graduates each year. At any one time there are 60,000 students in Leeds, including 9,000 international students from over 170 countries.
This constant influx of students and young professionals is creating a genuine requirement for high-quality, well-located rental properties. Demand far outstrips supply in Leeds, creating a booming, resilient market for property investors.
Huge Regeneration Projects in Leeds
Leeds is also undergoing huge regeneration projects that will improve the city’s facilities and infrastructure as a whole. The most significant of these is the South Bank project. This scheme will double the size of Leeds city centre, developing a space equivalent to 350 football pitches in size. It is one of the most significant projects in Leeds in over 100 years – and one of the largest city-centre initiatives in Europe.
One of UK’s Top Property Investment Cities
Leeds consistently ranks as one of the top cities for UK property investment and is one of North Property Group’s top tips for 2020. There is no better time to invest in Leeds. Property investment in this thriving northern heartland is guaranteed to generate high returns from both rents and capital appreciation.
To find out how you can invest in Leeds, contact North Property Group now.