Investing in buy to let property in Leeds is currently a good option for a number of reasons. The city of Leeds, in West Yorkshire, has a population of nearly half a million. It is the cultural, commercial and financial heart of the local area and is England’s fourth largest urban economy, according to the Brookings Institution. It is the largest legal centre in the UK, other than London, and a hub for the financial services industry, with more than 30 national and international financial institutions located within the city, including the UK’s only subsidiary office of the Bank of England.
Leeds’ historic success was built largely on industry and manufacturing, but as those sectors moved overseas, the city reinvented itself as one of the country’s most important service sector locations. Finance, banking and insurance form a core part of the city’s employment, along with public administration, education and health.
Leeds city centre is an elegant and welcoming place and many residents see city centre living as their ultimate goal, thanks to the wealth of workplaces, cultural attractions, retail outlets and other amenities that exist within a relatively compact central space.
Leeds’ property market is particularly interesting. In 2014 it enjoyed price appreciation of 7%, according to Savills, yet in early 2015 prices were still 15.3% below their 2007 peak. In the past year, property values have risen a further 7.44% based on Zoopla’s data. The situation makes Leeds an appealing city when it comes to the purchase of buy-to-let apartments. Average prices are below those elsewhere in the UK, meaning investors can enjoy a low entry point to the market, but are rising steadily, creating excellent potential for capital gains.
With such excellent future potential on top of its current economic success, Leeds is an extremely attractive prospect for buy-to-let investors looking for a city centre property investment. City centre tenants are typically single professionals or professional couples who want to live close to work and to the vibrant offering of city centre life. It’s a combination that will serve buy-to-let investors particularly well in this exciting city.