Mighty Leeds continues to soar

The Leeds success story continues as positive economic news delights investors.

Mighty Leeds continues to soar

Leeds has been seeing unprecedented levels of growth recently and has been on a skyward trajectory ever since the announcement and implementation of George Osbornes ‘Northern Powerhouse’ proposals.

News continues to filter in from the up and coming Yorkshire city bringing positive and exciting prospects. Here we have a look at some of the recent news attracting residents, businesses and investors to the hub of Yorkshire.

Leeds beat six other major English cities including Manchester and Birmingham in MoneySuperMarket’s 2015 quality of living index. It scored highly in a number of categories with Leeds residents enjoying an average annual salary of £22,419 compared to £19,801 in Bradford and £20,382 in Sheffield.

House price affordability in Leeds was favourable, working out at an income multiple of 6.6 compared to 7.7 in Birmingham and 9.2 in Bristol. The unemployment rate is listed as eight per cent in Leeds compared to 10.3 per cent in Birmingham and 10.6 per cent in Liverpool. The weekly cost of living in Leeds was found to be £377.60, compared to £445.50 in Bristol and £480.60 in London.

As if being voted the best city to live in wasn’t enough, the city’s top university has also been putting in stellar performances in national league tables.

Leeds has been seeing unprecedented levels of growth.

The Complete University Guide’s tables have shown Leeds climbing for four years in a row to 16th and ending York’s nine-year stint as the top university in the region. Its publishers measure universities on a range of areas including student satisfaction, the quality of a university’s research, its degree results and graduate job prospects.

Leeds has never struggled to attract people looking for a change of scenery or career, but student opportunities are really helping to drive the city forward when it comes to people settling and helping to innovate. It follows that as the city attracts the best and brightest from across the UK and abroad that those studying in the city may fall in love with it and settle in careers for the long term.

It shouldn’t come as a great surprise then that thousands of jobs are set to be created in Leeds’ booming digital and technology sector. The sector currently supports 70,000 jobs across the Leeds city region, which also includes areas such as Wakefield and Kirklees.

That total is now predicted to rise by 15 per cent over the next five years, creating 10,000 new jobs – around half of which are likely to be in Leeds itself. The sector’s annual value to the city region economy, meanwhile, is set to increase from £1.5bn to £2bn by 2021. About 50 per cent of that projected £2bn is expected to be generated in Leeds each year.

Complementing the continuing good news emerging from the city are the latest figures showing strong rental growth and strong increases in house prices across the city, meaning good news for owner occupiers, first time buyers and buy-to-let investors. Developments such as X1 Aire show that confidence is flowing through the market as construction has begun in the city centre again after a five year hiatus.

The Telegraph recently published an article detailing how the North West is expecting to see rises of 21% in property rises up to 2020 with particular emphasis on Leeds and Manchester.

It’s not difficult to see what’s so attractive about the city and a perfect combination of youth, education, opportunity and investment is creating a cocktail of prosperity that’s looking set to last for the foreseeable future.

Here are our top reasons to invest in the city.

  • Leeds offers excellent access to national road, rail and air networks from its position at the centre of the UK.
  • Leeds has the largest and fastest growing workforce in the UK with over 31% of the working population educated to degree level.
  • Over 109,000 businesses are already based here, more than in any other city region.
  • The manufacturing sector is worth over £7 billion, the largest in the UK.
  • The region has a working age population set to grow faster than the national rate.
  • GVA of £60.5 billion means the economic output is greater than nine EU countries.
  • One of Europe’s most significant higher education clusters with 8 renowned universities and 14 further education colleges.
  • Leeds is the UK’s second largest centre for financial services with 30 national and international banks.
  • It’s more cost-effective to run a business here with operating costs 28% lower than South East England.
  • Leeds is a recognised leader in digital health innovation with the UK’s largest concentration of health analysts.

UK BTL vertical - April 2019

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