When you’re considering property investment, either as someone new to the game or a seasoned investor, you need to know the latest on the market. Property hotspots alter frequently, depending on many factors, including the wider economic impact and regional investment.
Whether you’re looking to invest in a buy-to-let property, a holiday home or want to add to your existing portfolio, looking at Leeds is a good idea.
Property Investment In Leeds
Bang in the heart of the much-discussed ‘Northern Powerhouse’, Leeds has had a good year in terms of its housing market. House prices have continued to rise throughout 2017, from a relatively low base level.
The obvious area of Leeds to invest in property is the city centre. It’s booming, and in a time where London is falling off the top spot for investment with house prices falling and owners struggling to sell, it’s a solid area to for investors to look at. Most people gravitate towards Leeds city centre, particularly young professionals, students and families. Being close to extensive and impressive amenities in a city that has a good offering of jobs, is a real draw in 2018. Naturally, this means that property prices are higher in the centre of the city, and there are many further outlying areas that offer lower prices.
Demand For Property Still Rising
The local population of Leeds has increased sharply in recent years, and driven up demand for property from buyers, renters and investors. Demand continues to outweigh supply at the moment and this is likely to continue throughout the year. The increase in demand is also showing in the suburbs, as people start to look for more value for their money.
There are plenty of developments underway, with thousands of new homes currently under construction across the city. These aim to bridge the gap between supply and demand in Leeds, where the average house price is now £164,800.
Transport And Infrastructure Improving
As well as all the activity around boosting the provision of residential, commercial and student properties, there are other signs Leeds is on the rise. There are wide-ranging plans and investment in improving transport facilities, including a revamp of Leeds train station.
The station forms part of a larger vision to completely transform the South Bank area, which stretches from the ‘urban village’ of Holbeck to Leeds Docks. This is aimed at increasing Leeds’ international popularity as well as be a base for the creation of thousands of new jobs and homes.
Strategic Economic Plan
Leeds train station will become an important transport hub for the city, the wider region and the north of England in its entirety. High Speed 2 (HS2) and HS3 have a large role to play in the long term strategic economic plan for the city.
Overall, Leeds is an increasingly vibrant city, offering a growing range of employment opportunities. The city’s retail sector is expanding as are the financial and services sectors, all of which is continuing to attract more people to the region.
All of these factors are combining to boost the need for more property in Leeds, making it the ideal place to invest money in during 2018.