London, for some time, has been considered the power house when it comes to property, but it looks as though things are changing. Property in the city is unaffordable, taxes are higher and mortgage checks are stricter.
In contrast to this, cities in the north are flourishing as a result of the downturn in the property market in London. Leeds is a prime example of this as prices are on the increase, making property in the city a great investment opportunity.
Could Leeds go Toe-to-Toe with London?
Leeds is at the heart of the Northern Powerhouse and it is the ideal place to live for professionals, students and those who enjoy good night life.
The city centre is a popular choice, although property there is in demand with supply falling short. The population in Leeds has grown at an incredible rate and this has resulted in the high demand for property, which has pushed up house prices and rental costs.
There are plans for new homes to be built across the city to deal with the crisis, at sites such as the old Tetley Brewery and the regeneration of the Tower Works, which will bring town houses and flats to the area.
The Northern Powerhouse scheme has seen a number of large cities in the north come together to rival London and the South East. The aim is to bring the cities together to boost the economy in terms of new homes, offices, commercial ventures and infrastructure.
The introduction of High Speed 2 and High Speed 3 will link Leeds to London, Manchester, Liverpool and Newcastle by high speed trains, a lot of which, is paid for by Chinese money.
A boost to the local economy
While transport links will be improved, there is also plans to make-over the train station and there are plans to create 4,000 more homes with a new education hub, which will be a boost to the 60,000 students living in city.
The South Bank has seen investment from Burberry and Citu and this will create thousands of jobs while boosting the economy. Retailers have shown a real interest as 20 big players in the retail industry have opened up in the city.
Analysis has found that landlords in certain areas of Leeds are achieving the best returns in the country with some experiencing a yield of 11%.
Investors who are looking for good yields on rental properties are better off looking at the north and Leeds in particular.
Prices in the city are looking like they could continue to rise with the outskirts of the city becoming extremely popular, as the growth in the market is causing a ripple effect to the outer areas of the city.
Leeds is now one of the major players when it comes to property as the attention turns from the capital to the north. The changes made to the city so far as well as the changes that will be coming into effect will ensure that Leeds continues to dominate the property sector against the whole of the country.
Author Bio
Hopwood House are specialists in property investment, with a wide range of investment opportunities including property investments in Leeds, Liverpool, Manchester and London.
Sign up for regular property updates & receive investments in your inbox
Daniel Peacock