The average home in London these days is a roaring £514,000 compared to a typical UK property with a cost of £270,000. Yet it is not only the capital’s property prices that are on the rise; the South East has also been affected, as an enormous number of people tend to commute to London from their homes in the surrounding areas.
David Newnes, director of Reeds Rains and Your Move estate agents, highlighted the fact that the North has, unlike the capital, not been quite able to achieve their value, property-wise, as before the financial crisis in 2009. His statement is not far off, as the average property price in cities such as Manchester, Liverpool and Leeds in today’s market is approx. £154,000, £13,400 less than in 2008.
With property prices being only a third of the cost in the East, the North therefore becomes a much more lucrative investment opportunity. The Yorkshire area for example, especially Leeds, has been declared as Britain’s most “gleaming” property market by the Telegraph, as it managed to escape the decline in property value. In fact, a number a properties actually saw an increase in their cost, partly due to banking giants such as RBS and the Bank of England settling down in Leeds. Savills, a global real estate services provider, additionally suggests that a growing number of investment deals are carried out in regions outside the UK’s capital.
Leeds has been declared as Britain’s most “gleaming” property market
Taking full advantage of this emerging opportunity, Knight Knox International, in partnership with Fortis Developments, is now investing £2.4 million into the development of the East Point Apartments, located in central Leeds. These contemporary and elegant 1 -3 bedrooms apartments are Knight Knox’s 43rd launched project, have a starting price of £100,000 and are set to be completed by July 2015.