London has long been renowned for its expensive property prices, making it not an affordable option for the majority of property investors to break into that market. Demand is high and supply is low, and whilst there are up and coming areas of the city that would offer a lucrative return, there are other cities across the UK that offer so much potential. We’re here to introduce the most lucrative of those cities, which is Leeds. Many property investment agencies like CityRise are in the heart of Leeds, helping people to make great investments either for long term or short term growth. This fantastic city is becoming an economic powerhouse and we’re here to discuss why this is a smart move to maximise your return on investment.
Economic Powerhouse
Leeds is quickly becoming an economic powerhouse, with a diverse and growing economy in terms of financial and professional services, manufacturing, engineering, as well as digital and creative industries. Growing at a rate faster than the UK average, people are swarming towards Leeds to push their careers and enjoy a great city. As you can get more for your money compared to somewhere like London, people are still willing to spend.
House prices have increased steadily over the last few years, and with the city now being home to many major businesses, it’s attracting a vast number of young professionals moving to the city for career prospects. The job market is booming with high rates of employment, so investing in a long term rental project in Leeds is a safe investment.
A Lively City Young Professionals Want To Live In
Another strength of the Leeds investment market is the fantastic culture, restaurant scene and nightlife. It provides a great quality of life compared to other major UK cities, from rental prices through to going out for food and recreational activities. With museums, music venues, theatres and a diverse food scene, along with being close to a beautiful countryside and plenty of green spaces, this is a wonderful place to live, which is why more and more people are choosing property investments in Leeds.
Home To 5 Higher Education Institutions
Additionally, the city is home to five higher education institutions, with a high student retention rate post-graduation, so that’s a whole other group of up and coming professionals who are willing to pay the price to stay in the city centre. There is a large talent pool, with so many students wanting to stay in the thriving city, and with that comes high rental demand and strong incomes.
Lucrative Suburbs
Aside from the city centre itself, there are also so many lucrative suburbs around the city that people are moving to as they get slightly older to begin settling down. Horsforth, Chapel Allerton, Adel, Alwoodley, Meanwood, Headingly, Moortown and Roundhay are all commutable from the city, with great amenities, green spaces, schools and generally vibrant atmospheres. As the popularity of Leeds city centre grows, the demand then trickles down into the suburbs, so if investing in flat developments isn’t for you, now is the ideal time to invest in a development outside of the city where demand is on the up, along with house prices.