When you think about contemporary, forward-thinking centres of British culture and promise, which city springs to mind?
While most people hone in on London for business, commerce and future-proof investments, those in the know have their sights set on somewhere further up north.
A Contemporary Powerhouse
Leeds is used to shining bright when it comes to moving with the times. It was the centre of the 19th century industrial revolution, the remnants of which can be seen today in the architectural landscape of the city.
The blending of the old and the architecturally advanced is the new shape of Leeds, and the future is bright.
The Fastest Growing City in The UK
By 2027, the economy of Leeds is set to grow by 25%, continuing its trend as the fastest growing city in the UK.
In 2017, its economy is worth £62.5 billion with a population of 3 million. With four universities, various colleges and other higher education establishments, Leeds is young, trendy, vibrant and buzzing. Far from faceless, the city melds its unique heritage with a forward-thinking future plan to produce a melting pot of opportunity.
Key City Then and Now
Historically, Leeds had important transport links, joining the north and the south of a quickly growing new world. Today, its transport links provide easy access for business travellers and visitors to the city.
The council is particularly supportive of the changing face of the city centre landscape, with its weight behind multiple development opportunities. This ability to see the burgeoning opportunity for a developing, sophisticated and cosmopolitan city centre will further propel Leeds into a Europe-leading hub.
Higher Education Investment
Leeds boasts the fourth largest student population in the UK with around 200,000. This population, combined with the young professionals who flood to the city to take advantage of the diverse economy and wide-ranging job market present a huge opportunity for property investment across the board.
Currently there are 16 new developments in progress, which highlights the city as a major hub for investment. The average house price in Leeds has increased by 105% since 2007, and proposals for the South Bank area will signal the largest regeneration the city has seen in more than a hundred years, creating 35,000 financial jobs and over 4,000 homes. It will be one of the largest city centre regeneration initiatives in Europe.
Development and Investment
Almost £4 billion has been invested in these large-scale development projects during the last 10 years. There is £7.3 billion worth of development in the pipeline, including the ambitious South Bank project.
A number of high profile and impressive developments were completed in 2016, which has boosted the commercial space available. The retail completion (596,500 sq ft) is well above the UK average and hotel construction has also increased by 72%.
The high rental growth of the city, along with the wealth of jobs on offer, combines to ensure a promising hub of development investment opportunities now and in the future.
If you liked this post, then maybe you would also enjoy Key UK Cities See the Highest Quarterly Price Rise Since 2014 and if you’re ready to start looking, then head over to our property investments in Leeds.