Oct 31, 2017
Leeds is fast becoming one of the most popular cities in the UK, both for somewhere to start a business or for young professionals to move to. I spoke to an established property surveyor in Leeds who confirmed that this city is a brilliant place to put your money, whether you’re looking to invest in buy-to-let homes or you’re interested in the commercial property market.
Here are ten reasons why you shouldn’t delay investing in Leeds.
1.The Northern Powerhouse
The Northern Powerhouse is a flagship government policy and Leeds looks set to benefit from lots of the infrastructure upgrades. Over the next few years a number of development projects including rail links and devolved powers look set to allow Leeds to grow at an even faster rate. Investing now will allow you to enjoy the benefits of rising property prices and increased demand in the city.
2. Continued property development
Leeds has seen a significant amount of property development in recent years. Over the past decade more than £4.3 billion of major developments have been completed on property across the city, and an additional £6.5 billion worth of projects are either currently understand construction or scheduled for completion over the coming years. Leeds is definitely a city on the up.
3. Student city
The city has a large and thriving student population. There are more than 70,000 students enrolled across the University of Leeds and Leeds Beckett University alone. There is a total of six additional renowned universities in the surrounding area as well as 14 further education colleges. The impressive student numbers also mean that there is high demand for student property. If you are interested in investing in buy-to-let homes for university students, Leeds is one of the best cities in the UK to do so.
4. Good company
Home to more than 100,000 companies, Leeds is a hub for business in the north of England. The city is known for being the UK’s largest centre outside London for both the financial industry (with more than 120,000 people employed) and legal services (with over 180 legal firms). As this commercial centre continues to grow, there will be even greater need both for housing and for office or industrial space.
Another strong performing sector in Leeds is manufacturing. It’s worth over £7bn to the UK economy, making it the largest manufacturing sector in the country. This is an indicator of the strength in depth of the market in Leeds.
6. Running a business is cheaper
Perhaps it’s no surprise that the commercial industry in Leeds is doing so well. It’s actually far more cost-effective to run a business in Leeds – costs average at 28 per cent lower than in the south east of England. This indicates that the region’s businesses are going to continue to grow as they take advantage of the lower running costs here.
7. Brilliant strategic location
Leeds is a city that has a brilliant location with regards to its future development. The train time from to Manchester is less than an hour, while to London the journey can now be completed in around two hours. From an international perspective it also takes just six hours to get to Paris and Brussels.
8. Large and growing workforce
The Leeds city region has the largest and fastest growing workforce anywhere in the UK outside of London. This is just one of the factors that shows that there is going to be a continued demand for property in and around the city centre. If you’re in a position to buy-to-let now, this market can be highly lucrative.
9. A variety of markets
One of the most attractive aspects of Leeds as an investment opportunity is the variety of markets that you could choose to focus your investments in. Whether you are looking to target young professionals, the student market or even working families, you’ve got the option to diversify.
10. The GVA of a country
Gross value added (GVA) is a measurement of economic strength. The GVA of Leeds is £60.5bn and to put that in perspective, it’s larger than the GVA of nine EU countries.