Friday 02 September 2022
Leeds has the country's fourth highest student population, and with tenant demand reaching new levels, making Leeds is a popular area for property investment.
Leeds offers a distinguished history, with structures dating back to the Victorian Period such as Leeds Kirkgate Market, which was once recognised as the largest indoor market in Europe in 1857! Further also known as the birthplace of the popular supermarket chain, Marks and Spenser's.
Leeds is a city full of hidden treasures! Such as the world-famous Opera North and Northern Ballet which is performed in majestic settings including one of the finest Victorian theatres in the UK, Leeds Grand Theatre. Kirkstall Abbey is also located in Leeds and is known as one of the best-preserved Medieval Cistercian Abbeys in the world.
There are a few fundamentals to consider when searching for property investment. Here are a few reasons why Leeds would make a city great for property investment:
Leeds City Region is well connected geographically, having excellent local, national, and international transport links across the world. Currently, Leeds Bradford Airport sees an estimated 4 million passengers a year and has plans to increase this to 7 million passengers a year by 2030.
Leeds Bradford Airport is ‘well known amongst locals, the spot holds the title as England’s highest airport with an elevation pf 681 ft’. the highest airport in England and is a key asset to the city region’s economy.
Leeds’s city centre is expected to double in size with the regeneration of the city’s South Bank, one of the largest city-centre regeneration initiatives in Europe and one of the most significant alterations to the city in more than a century. By 2028, the anticipated activities for Leeds South Bank would cover 253 hectares of land, resulting in an extra 8,000 houses and approximately 35,000 jobs.
Leeds is still undergoing significant development, and locals have witnessed the positive changes and expansion of the city centre in a range of areas, including business, retail, leisure, and hospitality.
Leeds currently has a combined workforce of 1.37 million (Leeds Gov) and boasts the greatest public-to-private-sector job ratio of any UK Core City! Leeds offers strong professionalism with large companies such as ASDA, SKY, Channel 4, Yorkshire Bank, and Jet 2 having offices based in Leeds.
In 2016, Leeds saw the fastest pace of private-sector employment growth of any UK city.
Leeds is a national powerhouse for financial, legal, and professional services. Together they contribute £20 billion in gross value added (GVA) to the region’s economy and boast over 300,000 employees
4. Consistent Economic Growth
Leeds is a major UK business centre and one of the best places in Europe to locate a business. The city sits at the heart of a wider city region which has an economy worth over £69 billion per annum and an estimated workforce of 1.4 million. Leeds Government reported that ‘Leeds has one of the most diverse economies of all the UK’s main employment centres.'
According to the UK Government, the economy in Leeds is expected to increase by a further 21% over the next 10 years, with financial and business services accounting for more than half of the expansion.
5. Leeds tenant demand –
Leeds currently has an average rent of £1,230pcm. Due to tenant demand rising and reaching new levels since the pandemic, average rents in the UK (excluding London) have hit a new record of £1,126pcm. This is an annual increase of 11.8%!
Rightmove reported the average asking rents (excluding London) increased by +£177pcm since the pandemic began in 2020. Before the pandemic, it took 8 years to reach a growth figure of this amount.
Book a free rental valuation with our Business Development Manager, Joe, here: www.calendly.com/joe-mercer Who will be able to answer any property-related questions you may have or get you booked in for a free rental valuation.
With rental figures reaching new highs, carrying out a rental valuation on your property would be beneficial as it will provide you with accurate information about what property could be generating in today’s property market.
Thanks for reading! Any questions, please do not hesitate to get in touch!