Leeds property investment
Leeds property investment
Sometimes referred to as the Capital of the North, Leeds is a busy city proudly found in West Yorkshire. The city’s five universities, great employment opportunities, and booming economy are all reasons why Leeds property investment has become so popular. While Leeds was once famous for the textile industry, the city is now popular for being vibrant, exciting, and full of life.
There is no doubt that Leeds has a magnetic pull for students and young professionals, which means it offers a lot of potential for property investment in Leeds. The house prices are competitive with good yields on offer.
Plans for Leeds City Centre Expansion
The goal of Leeds City Council is to increase the size of the city centre. In fact, the plan is to double its current size. This is good news for both those interested in property investment in Leeds and those looking to live in Leeds. The expansion will bring about 35,000 jobs, as well as 850 new properties to the area.
For example, huge plans are happening in the South Bank area, which is going to take it from a neglected part of the city to one that boasts 750 new homes, plus various office spaces. There will be plenty of entertainment too provided by retail and restaurants. What’s more, with community areas and landscaping, the South Bank area will look attractive and brand new. Around £350 million is going into renewing this area of Leeds, which could welcome around 10,000 residents. In addition, there are other regeneration projects in the works that are going to make sure property investment in Leeds remains appealing.
The expansion will bring about 35,000 jobs, as well as 850 new properties to the area.
£350 million investment into renewing South Bank area, set to welcome 10,000+ residents
The Booming Commercial Property Market of Leeds
When it comes to the commercial property market, Leeds is a city that has broken many records. For instance. In 2017, office take-up went over the one million square feet mark. Then, Leeds enjoyed the largest commercial property letting in history, which saw a new home for HMRC. What’s more, the average rental price per square foot for offices hit an all-time high.
However, this is not to say that the city is finished. In fact, there is a lot of promise in the commercial sector, which is good news for investors. By 2050, it is estimated that there will be 850,000 new jobs in the North of England, which the Northern Powerhouse Independent Economic Review states will benefit from Leeds property investment.
Leeds is a Student and Graduate City
It is fair to say that Leeds is a student haven. This city is home to one of the largest universities in the country – The University of Leeds. This popular university is also part of the Russell Group and around 23,000 undergraduates attend the institution. This is in addition to 8,000 postgraduate students, as well as 7,400 staff members.
In total, there are five universities in Leeds, which brings a huge number of young people to the area. Indeed, this is good news for Leeds property investment as there are a lot of students and graduates investors can target. It is thought that around 30% of young people stay in Leeds to build a life and find a job after university.
Build-to-Rent Leeds Property Investment
Leeds is a fantastic city to invest in since the build-to-rent opportunities are taking off. Some students are coming to university with money, as well as graduates wanting to find a nice place to live. With improving job markets, people will be looking for a better quality of life. Currently, there are about 3,500 build-to-rent units, with plans for 2,000 more to be built in the near future.
The popularity of Leeds is set to continue, with the population increasing by 150% from 2002 to 2015. It is likely that the demand for accommodation will grow, which makes Leeds property investment a great opportunity.
Golden Opportunity for Leeds Property Investment
If you are a property investor, Leeds is definitely a city you want to keep your eye on. The property prices are below the national average in the United Kingdom and JLL states they could rise by 17.1% between 2019 and 2023. This is one of the biggest rises in the UK. Average rents are good for landlords too. The most common rental property people are looking for are two and three bedrooms. Overall, with the progress and regeneration being made in the city, property investment in Leeds should not be overlooked.