Although the UK property market slowed down in 2017, Yorkshire has still shown great potential as optimism and confidence has grown in the local markets. It’s been forecast that Yorkshire’s compound growth will grow at a rate of 17.6% over the next 5 years in comparison to the national average of 14.2%.
A large contributor to this figure is Leeds, which since the launch of the Northern Powerhouse initiative has outpaced London in economical growth.
A dynamic, animated city, Leeds plays host to a wide mixture of people in an area which previously was overlooked due to its tired and old fashioned city centre. With the regeneration bringing new life to the city, Leeds now attracts both students and professionals alike with rental values expected to increase by 3.5% per year over the next five years.
In economic terms, Leeds is projected to expand by 2% per year between 2018 and 2022, 0.3% higher than the rest of the north, making it a stand out performer not just in Yorkshire but across the whole of England.
This growth can be attributed to the increased rate of private and public sector jobs, resulting in increased investment in the area to accommodate the influx of professionals.
A revamped public transport system means Leeds train station is now one of the busiest in the country with connections from one side of the country to the other.
Improvements to Leeds Bradford airport are also ongoing, including plans for a terminal expansion which started in Spring 2019. This expansion consists of a three-storey expansion to help with the management of increased traffic coming through the airport.
Estimated figures show that by 2026, the population of Leeds is set to grow by 75,000 with the creation of new jobs set to exceed the likes of Manchester and London.
That makes the city a promising proposition for any prospective investor.