It’s recently been suggested that property growth in London has hit a nine-year low. However, as Channel 4 relocates to Leeds, the north is seemingly booming, presenting a huge opportunity for property investors in the city.
Statistics show that property prices in the north are increasing faster than anywhere else in the country, while London’s prices are currently at their lowest since 2009. This has led many property experts to predict that Leeds could become a fantastic choice for investors looking to make the most of the high growth.
But just why is Leeds such a great investment city?
One reason is because of the amount of public money being spent in the area. Boasting economic growth of over 40% in the last 10 years and predictions of an additional 21% growth in the next 10, Leeds has a number of billion-pound developments in the pipeline.
Property experts have also forecasted a 19.9% house price growth and 18.8% rental growth by 2022. It comes after Zoopla recorded an increase in house prices of almost 25% over the last five years.
In addition, Leeds is a popular city making it the first choice for many young families, students and older couples. With four universities and the second strongest financial services sector after London, Leeds has a steady stream of highly qualified young professionals. The tech and digital sector are also growing fast with revenues, growth and incomes higher than other standard UK cities. What does this mean for investors? Well, these industries only help to boost job growth, population and therefore demand for homes.
Recent statistics predict that job growth and rental prices are increasing in Leeds with 90,000 new homes needed by 2021. The same report also suggested that rental prices in Leeds would jump 18.8% between 2018 and 2021.
As one of the biggest up and coming property investment markets in the UK, it’s estimated that Leeds has the comparable potential for buy-to-let investors as Manchester and Liverpool did years ago. Therefore, this is the ideal time to get ahead of the market and invest in a city that is on the edge of great things.
Currently undergoing a period of investment in infrastructure and regeneration, Leeds is a great place to work and live. The current demand for new homes in the Yorkshire city is high and is also spreading to suburbs close by.
If you are looking to maximise your opportunity as an investor in Leeds, get in touch today.