Well, we’re here to tell you that now is the perfect time to buy investment property in Leeds, and this page will include crucial information about the city’s economy, property market, what the best buy-to-let areas in Leeds are, its history, travel connections, culture, and education.
As of 2020, the population of Leeds was 2.8 million, which is an increase of 325,000 since 2002. 30% of this population is aged 15- 34, making up the majority of renters. With 9 Universities producing 38,900 graduates annually, Leeds sees a steady stream of young professionals migrating to the city, which has led to unprecedented rental demand. In fact, it is projected that 90,000 new homes are needed to cover the demand for rental properties.
• On average, property prices in Leeds have risen 7.6% since 2021, with rental yields coming in at a 5.5% average (areas just outside of Leeds such as Castleford, Normanton & Pontefract average at 6%).
• Despite the rise in property prices, they still remain low in comparison to the rest of the UK, averaging £187,500 in the city.
• Savills’ latest projections state that Leeds is set to see house prices soar by 18.6% by 2026. Rental prices in the past 12 months have also increased by 7.7%, higher than that of the South East, South West and East Midlands.
• The Leeds property market was reported to be worth £59.05 billion in 2018, a figure that increased by 4.2 % since 2017. As well as this, Zoopla recently ranked Leeds number nine in a list of the top ten UK housing markets.
One driving factor behind the demand in Leeds is its thriving business sector. Leeds is host to a thriving technology sector worth £ 1 billion, proving to be a more affordable alternative to London. It is home to the highest concentration of scale-ups outside of London and has the highest rate of private-sector jobs growth in the UK at 6.1%. Leeds is renowned as a global leader in manufacturing and financial services.
The city has also seen considerable investment in enhancing the area, with the South Bank regeneration project set to create 4,000 new homes and 35,000 jobs. There is also a funding scheme in place offering grants of £10K-250K aimed at developing new businesses.
These grants are just one of many efforts Leeds has made in attracting new businesses to the city and creating more jobs for its predominantly young professional population. These efforts make it a great area for buy-to-let investments.
At Property Fit, we always know which areas are good for investments and which should be avoided. We have three or four preferred areas in Leeds with high demand and great potential for capital growth.
To help us decide which of these areas would best suit your investment interests, set up a free consultation with our team. They will be able to recommend which areas of Leeds would best suit you. We can then contact you about any relevant properties that you might want to invest in. We’re always looking to streamline our process, and this saves our clients a lot of time, so please have a look today.
Prior to the Victorian era, Leeds had the position as the commercial capital of the region. It was the active trading centre for the Yorkshire textile industry, with a lot of its money coming from factories. However, Leeds suffered severely during world war two and a lot of the main factories were bombed. Therefore, Leeds had to adapt and is now a major centre for financial services. It is also contains many major law firms, making it attractive to many graduates.
Leeds attracts many people and families to the city and in 2021 had over 29 million visitors. Many people go to Leeds to see the Victorian architecture and tourist attractions such as the Royal Armouries and the Civic Quarter. However, a lot of people also go for shopping as two new huge shopping centres have opened in the centre of Leeds. The shopping experience plus the notorious nightlife makes this city a great place for people to vist, and to invest in.
