As more investment continues to come to Leeds, there are increasing prospects in the city and wider region.
Leeds is slated for more investment and development in a range of areas, opening up opportunities for property investors. With transport improvements coming to Leeds, more businesses relocating and expanding there, and demand increasing for new homes, Leeds is set for an especially strong year in the property sector.
1. Transport
The first phase of the Institute for High Speed Rail and System Integration being established at the University of Leeds has been given planning permission. The proposals include the construction facility Centre for Infrastructure Materials and the Infrastructure Test Facility.
This is part of a wider plan to place Leeds as a centre for rail engineering, job creation and inward investment. The institute is expected to improve transport in the city, which will further boost the local economy and property market.
2. Businesses
Leeds has recently named the best place to start a business in the UK. Following Channel 4 and Sky making the move to Leeds, more creative and digital jobs have followed suit, which is further opening up more investment opportunities and bringing more people to the city.
There is a growing confidence in Yorkshire’s commercial property sector, especially in Leeds, as more businesses are expanding and relocating there. Even with a substantial amount of commercial development already in the pipeline in Leeds, many are expecting demand in new office space to grow.
Legal & General has even recently signed a long-term lease for a modular housing factory near Leeds, which is expected to initially employ between 400 and 500 people locally. As additional businesses open their doors in Leeds and Yorkshire, more people are likely to move to the city and region.
3. New homes
Leeds is seeing a significant amount of redevelopment and regeneration across the city centre, especially in South Bank. Many new housing developments will be brought forward through these regeneration projects. More than 8,000 new homes are expected to be created in the South Bank area alone.
In a report last year, Leeds City Council even suggested there is room for 20,000 more homes in the city centre, showing there’s the potential for extensive growth. As Leeds sees more investment, demand for high-quality rental properties is expected to increase even more.
2020 is shaping up to be an exciting year for Leeds. With more investment, growth and demand coming to the thriving city, it’s expected to be a lucrative time to invest in Leeds, especially in buy-to-let properties.
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