Leeds is leading the way for job growth across the north and in the entire UK, according to a new report. The city will be in the top ten UK growth cities for employment by the end of 2023, with over 19,000 new jobs created compared to 2021.
Major jobs growth
In the latest UK Powerhouse Report by law firm Irwin Mitchell and produced by the Centre for Economics and Business Research (CEBR), Leeds is shown to be one of the few northern cities to improve its jobs market by the end of next year.
The city is forecast to see a 2% year-on-year growth in its employment figures, boosting it from ninth in the UK to sixth place. This 2% equates to an increase in 19,200 jobs by the end of 2023 compared to 2021.
Best northern performance
Leeds also stands out as being the best performing northern city in its report. The city’s employment growth has been driven by its booming construction centre as new student accommodation, offices and residential developments are created across the city.
This is partly in response to Leeds growing recognition as a hotspot to live and invest in property. More investment properties in Leeds need to be built to keep up with growing demand from both prospective tenants and investors.
Outstanding employment prospects
Bryan Bletso, partner and head of international at Irwin Mitchell, said: “Leeds continues to deliver a consistent performance in the UK Powerhouse report. Its employment prospects continue to stand out, which makes good reading for the future of the city and the West Yorkshire region.”
The booming job market
The thriving Leeds jobs market has another benefit to people investing in property in the city. The people moving to Leeds to take advantage of the increased job availability will all need places to live. This increases demand in the property market, boosting rental prices and capital growth.
Already a very popular city to invest in property, it is likely that the fast-growing Leeds employment rates will make investment properties in Leeds even more attractive and lucrative for savvy investors.
What is property investment?
Put simply, property investment is property purchased with the intention of generating financial returns for its buyer. These returns could be in the form of rental income through buy-to-let properties, house price growth through the future sale of the property or both. Individuals or organisations and can invest in property and these investments can be short, long or medium term.
Get in touch
Take advantage of what will be a fantastic future and buy a property investment in Leeds today. If you’d like to find out more about investing in property in Leeds or anywhere else, contact North Property Group now.