Leeds - property is booming

At the heart of Yorkshire, and a city that many would consider the county capital, Leeds has so often been the jewel in the crown for the people of Yorkshire. With a long and illustrious history of manufacturing, innovation and business success, the city has long been considered one of the UK’s finest.

Leeds - property is booming

Not only that, but Leeds hosts two world class universities and a score of other educational facilities that mean that not only does it attract some of the brightest minds from across Europe, but also manages to retain them once they complete their studies.

Nightlife, cost of living and culture are all affordable and in abundance, meaning that for the young people living or settling there, they can’t imagine anywhere better to live and work.

Construction rates

The key findings from Deloitte’s crane survey 2018 for Leeds were of resoundingly positive nature, with the author of the survey talking of “a long-awaited resurgence of residential development in Leeds City Centre [...] we expect this developer confidence to continue to strengthen through 2018 and beyond”

It also found that 16 new schemes have started, above the annual average number of 13, with new construction activity being led by the residential sector with 1,586 residential units under construction, the highest since 2008.

Office space under construction has apparently increased significantly, from 460,690 sq ft in 2016 to 771,331 sq ft. It also found that activity in education and hotel construction had never been higher.

These are indeed exciting times for the city, with a seemingly endless supply of enthusiasm from local people and businesses.

Local economy

The local economy, too, is booming with jobs and business all registering positive increases in high-growth sectors such as tech, finance and property.

The Deloitte survey also remarked that “Leeds has a healthy city centre economy with improved job opportunities as a result of the significant increase in office space under construction, the second highest volume in a decade.”

Finance is one of the city’s fastest growing sectors, with the most jobs created in finance outside of London. Tech, too, however is also growing quickly with a record number of startups springing up around the city.

Investment

This, of course, brings forward high demand for property and places to live and neatly explains the quickly rising rates of growth in private investment and construction.

Off-plan apartment builds, refurbs and new projects are visible all across the city centre skyline and rental yields as well as rental growth are currently moving quickly upwards as the city sees a surge in popularity.

According to The Yorkshire Evening Post, housing in Leeds is worth some £59.05 billion - up 4.2 per cent from last year, with homes in the LS17 postcode, such as Alwoodley, Bardsey, East Keswick and Eccup said to be worth up to £6.4bn in total - a 5.6 per cent rise in value since last year.

Leeds currently ranks 9th across the UK for growth, at 4.2% but there is a growing expectation that it will begin to climb quickly over the coming years.

Conclusion

Leeds has always had a certain attraction to it as a sort of London alternative in the north, with a charm and coziness that Manchester lacks. The people who live there so often talk about the sense of community within the city not just between people but also between business and throughout the local economy.

It’s no big surprise that the city is soaring in popularity thanks in large part to significant levels of investment and real innovation in property development, which has led to a homes market with a real sense of attraction.

Leeds right now is a sellers market, and demand is high, if there was ever a time to invest in a city that has a bright future, Leeds is the ‘here and now’. Download our Leeds Property Guide to find out more about the city.


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