Smack bang in the centre of the Northern Powerhouse, Leeds is gaining interest from investors, buyers and renters alike. House prices are continuing to rise, particularly in the city centre where young professionals and families are choosing to live. More and more people are moving to the city to take advantage of the benefits and job opportunities Leeds has to offer.
Growing Rental Demand
The Leeds population is growing sharply as people realise the advantages living in the region brings, including thriving financial, retail and service sectors. This has led to an undersupply of quality housing across the city, from the centre to the suburbs. Development projects are currently underway to meet these requirements and thousands of new homes are being built across Leeds.
Although Leeds city centre features some of the highest prices houses in the city, property in the outer regions are still much lower.
Leeds is experiencing a further economic boost thanks to a major overhaul of its transport infrastructure. This includes a revamp of Leeds train station that will help it become a major hub in the North. HS2 and the Northern Powerhouse Rail (also known as HS3) will connect Leeds with other major UK cities.
The South Bank area of Leeds is also undergoing a huge transformation that will help it become an internationally significant city and boost job and property creation in the area.
As the property market in London slows due to its highly-priced housing that is difficult to sell, Leeds, with its average house price of £164,800, is the one to watch.