An IP Global report states that Leeds is struggling to meet the ever-growing demand for property. 90,000 new homes are needed by 2021 but there are only 60,000 in the pipeline. This shortfall is only set to boost up prices even further in Leeds with the city already proving one of the best investments by rising 4% over the last year. Rental growth is predicted to rise by 18.8% by 2022 according to the research.
Hamish Pound, the head of investment at IP Global said, “We advise investors to focus on supply and demand because an imbalance here is likely to provide the greatest gains.”
Leeds growth has been amplified by the success of the wider West Yorkshire region, with an expanse in the economy accruing to £50bn, an increase of 40% over the last decade. However, in recent years, Leeds has experienced a consistent growth in house prices and is attracting more and more buyers. A plethora of commercial developments has helped place Leeds of the map for offering lucrative investment opportunities due to an increased demand for residential property.
Regeneration opportunities in Leeds is significant. Leeds South Bank represents one of the largest and appealing regeneration initiatives in the country, estimated to accommodate over 4000 new homes. Aire Valley also highlights significant investment opportunities, with more than 400 hectares of land for development (the equivalent of 400 football pitches). Transforming brownfield land and decrepit infrastructure will also improve the local amenities, improving the value of surrounding properties making it a prime time to invest in this true northern delight – Leeds.