Property hotspot: Leeds is the North’s top place to be
Investors are being urged to look again at Leeds – after the city was named the North’s number one property hot spot for 2018. The city is being tipped for further renewed success in a new guide, published by investment firm Aspen Woolf. They say the market in Leeds is benefitting from the city’s strong and continuing economic growth and university populations (having the fourth largest student population in the UK) and will continue to attract interest from private, commercial and student renters this year. With more development planned, including major regeneration projects like the South Bank revamp, high-spec, purpose-built, city centre accommodation is in massive demand.
Indeed, other big developments which are set to progress now the festive season is finished is Kirkstall Forge, which will see more than 1,000 homes and apartments built across 57 acres, and the stalled Hilton Hotel development which is getting off the ground again. Vita Leeds 2, part of the Select Property Group, has acquired the Woodhouse Lane site and will see the original 14-storey shell increased to 16 floors to cater for 312 student studio apartments. Leeds’s growth has been helped by the success of the wider West Yorkshire region. The regional economy has expanded by 40 per cent over the last decade and is now worth £50bn a year. Aspen Woolf’s CEO, Oliver Ramsden, said: “The value of property in the city is undeniable. Leeds sees strong demand for high quality and luxury accommodation for both professionals and students.
“Our own developments, including The Pavilion and Trinity Hall, are delivering rental yields of eight per cent.”