Why Leeds Is Set To Boom In 2018
We’ve named Leeds as the number one property hotspot in the north in our analysis reports. As we move into 2018, it’s looking rosy for the property market as a whole in the north of England, but Leeds is the jewel in the investment crown.
With a growing student population, strong innovative business hubs, a plethora of tech start-ups, new developments in the city centre and much more, its success is only going to grow as we move through a new year.
While the economy is looking uncertain across the UK thanks to the changes we’re undergoing while leaving the EU, the local outlook in Leeds is promising. The investment in revitalising the city centre, and the establishment of new, affordable residential accommodation will continue to attract interest from commercial, private and student renters this year.
There are many development projects still underway, and more in the pipeline. A great example is the revamp of the South Bank, which will deliver purpose-built, high quality and spec city centre accommodation.
More working professionals and the younger generation are waking up to the fact that the North is the centre of positive change. As jobs bring new eager groups of people to cities like Leeds, the demand for apartments and homes in the city centre is constantly rising.
Now the festive season has finished, various developments will begin to progress. Kirkstall Forge is a big project with more than 1,000 apartments and homes built on a 57-acre site.
The stalled Hilton Hotel development has also restarted, thanks to a new acquisition of the Woodhouse Lane site by Vita Leeds 2 (part of the Select Property Group). The original shell is 14 storeys, and this is set to increase to 16. It will house 312 studio apartments for students.
Expanding Regional Economy
All of these developments have been helped by the success of the economy across the wider region of West Yorkshire. Now worth £50 billion, the regional economy has expanded by 40% since 2007.
Our CEO, Oliver Ramsden says: “The value of property in the city is undeniable. Leeds sees strong demand for high quality and luxury accommodation for both professionals and students. Our own developments, including The Pavilion and Trinity Hall, are delivering rental yields of eight per cent.”
Foreign Direct Investment
Leeds is the fastest growing region in the UK for Foreign Direct Investment (FDI). In addition, the region is home to the fastest growing young population in the UK, and the largest workforce outside of the capital.
More than 3 million people live within Leeds City Region, and more than 7 million are within an hour’s commute.
Great Value Property
Total office costs in Leeds are 50% lower than those in London. With a talented and innovative workforce, plenty of youth and experience, and great value property, businesses are finding they can save money without cutting corners.
A number of key business sectors are booming in Leeds City Region, including Digital Tech, Advanced Manufacturing, Financial and Professional Services and Healthcare and Life Sciences.
High Investor Confidence
More than £13 billion worth of investment is currently in the pipeline or on site. According to Deloitte’s latest Leeds Crane Survey, 20 major construction projects were completed in 2016, including the highest amount of office space delivered to market since 2007.
Leeds is also a UK transport hub and incredibly well connected by air, sea, road and rail. London is just two hours away by train and one hour by air.
Reinventing A Northern Powerhouse
Leeds is moving towards a knowledge based economy faster than any other region in the UK. This is down to the strength of the education sector, with nine strong universities, a high level of graduate retention and an eager, ambitious pool of talent.
Check out our latest developments in Leeds.