With an estimated population of 780,000 people, Leeds is one of the UK’s largest and most economically diverse cities, with West Yorkshire thriving from a huge business growth of 39% over the last 10 years.
Sitting in the top 10 best places to invest in the UK for 2020, Leeds’s population is growing seven times faster than that of the capital, leaving the region in high demand for By To Let property investors. Employing a skilled workforce of over 1.4 million, Leeds city is also the second largest city region economy in the UK outside of London – a force to be reckoned with.
A true European business destination in the heart of Yorkshire, Leeds has the largest manufacturing sector in the UK and is home to the second largest number of universities in the UK, producing a phenomenal 39,000 skilled graduates per year. Outside of London this West Yorkshire region is seen as the most successful business, financial and legal hub in the UK, contributing £69.6 billion GVA to the national economy – the largest economy in the Northern Powerhouse.
The region is in strong rental demand from young professionals and city workers with recent research showing that more students are choosing to stay in their place of study. Rental yields here boast 7.1% while the UK average is just 3.53% and capital growth is expected to reach 17.1% by 2023.
A fundamental part of Leeds regeneration and development over recent years has been the Transnorth line, otherwise known as HS1/2/3. This is the high-speed rail network, now in stage 3 (HS3), which aims to connect some of the UK’s largest cities; including London, Birmingham, the East Midlands and Leeds. Shrinking commute times throughout the city and beyond will make living, commuting and doing business in the area much easier and will open the city up to more tourists, increasing the GDP of the local economy.
Currently enduring the latter stages of a £573 million devolved government funding offer, with multiple developments in progress across the city including the regeneration of the South Bank and Kirkstall Forge, the area is thriving on the opportunity to create and attract new investments, new businesses and ultimately, new jobs. The perfect time to invest in the area through buy to let property investments.