Leeds is one of the most exciting cities in the UK. Located in West Yorkshire, the city is one of the fastest growing in the UK in terms of both population and economy. The city is the third most populated in the UK with an estimated 800,000 people situated in the West Yorkshire city, only bettered by London and Birmingham. Leeds is also home to one of the most diverse economies of all the UK’s main employment centres. The strong economy and residential appeal make Leeds a great place for buy-to-let investors.
Here are some of the key features of Leeds that make it one of the most exciting investment locations in the current market:
Life and Culture
Leeds is one of the most highly rated places to live in the UK, and it’s clear to see why. The city is home to a plethora of amenities in and around the centre, all extremely varied to offer something for all residents to enjoy. One of the most appealing things in the city has to be the shopping, food and drinking spots in the centre. The high streets and shopping malls are filled to the brim with a wide variety of renowned retailers, all in extremely close proximity to each other. Alongside the shops, residents of Leeds are spoilt for choice when it comes to dining out. The city centre has an eclectic mix of restaurants alongside the famous, ever-growing selection of independent street food vendors. There are also a number of pubs, bars and even nightclubs to compliment the dining options in the city – with Leeds being consistently voted as having the UK’s best nightlife for the past few years.
It’s clear to see why so many people are choosing to move to Leeds, with such a multitude of shopping, dining and drinking options, however the thing the makes Leeds stand out is the culture. Throughout the city there is a very proud and rich culture, especially in the fields of art, architecture, music, sport, film and television. There are also a number of stunning cultural destinations within the city itself, including historical theatres and cinemas, art installations and over 16 museums and galleries (9 of which are council-run).
Ever growing economy
Leeds is the fastest growing city in the UK, with its economy currently valued at £64.6 billion. The current growth is down to the ‘Leeds Inclusive Growth Strategy’, a strategy that outlines how Leeds City Council, the private sector, education establishments and social enterprises in the city will work together to grow the Leeds economy ensuring that everyone in the city contributes to, and benefits from, growth to their full potential. The strategy started in 2018 and identifies ‘Twelve BIG Ideas’ that act as an action plan for the inclusive growth. These consist of:
– Putting children at the heart of the growth strategy
– Putting employers and people at the centre of the education skills system, working together to create better jobs, tackling low pay and boosting productivity
– Supporting places and communities to respond to economic change
– Doubling the size of the city centre
– Building a federal economy – creating jobs close to communities
– Developing 21st century infrastructure
– Innovating Leeds as a digital city
– Backing innovators and entrepreneurs in business and social enterprises
– Promoting Leeds and Yorkshire
– Maximising the economic benefits of culture
– Becoming the best city for health and well-being
The plan hopes to pave the way for an economical growth of 21% over the next 10 years and considering how Leeds has been growing in recent years, it is clear to see the city is heading in the right direction.
Booming Property Market
The current economic expansion seen in Leeds has had an extremely positive affect on the property market. It is forecast to be the top city in the UK when it comes to both residential price and rental growth with an expected 16% increase by 2023. This extensive growth could even see Leeds overtake Manchester after several years. Thanks to the city’s large urban economy, there are numerous tenants in search of long-term properties to let. This makes for an appealing investment opportunity for Landlords, with the average yield in the centre coming in at 6.3%.
Are you interested in investing in Leeds? Click here to take a look at our investment opportunities in the West Yorkshire city!
