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Leeds property market set to prosper over next five years

Leeds city centre where demand will outweigh supply, according to JLL

Leeds city centre where demand will outweigh supply, according to JLL

 


A new report by JLL predicts housing market stability and moderate price growth over the next five to 10 years. The property firm calls it “the new housing paradigm” and say that it should be embraced and welcomed.

“It is good for government, the economy, buyers, sellers and industry participants. But it will take some getting used to,” according to JLL, which predicts house price growth averaging 2.5 per cent a year for the next five years.

It admits that this steady rise will not excite investors, homeowners or developers looking for big gains but say it will lay the foundations for a less volatile UK housing market in the medium-term.

The report reveals that regional city centres are expected to outperform the rest of the UK market with higher sales prices and rental growth as the rise of city centre living continues.

It picks Leeds as the standout market to watch for rental growth between 2018 and 2022, saying: “City living has gained strong momentum in Manchester, Liverpool and Leeds over the past three years and, together with an active student market, has pushed demand in both the sales and lettings markets notably higher.

“With housing supply in these city centres severely constrained, prices and rents have soared. Despite these strong increases we still anticipate further upward pressure over the next five years.

“Growth rates may not be as strong as the past three years but uplifts of three to four per cent per year are both significant and higher than UK averages.”

JLL’s economic forecasts for Northern England say that Manchester is set to be” the shining beacon” with Leeds not far behind.

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