The Northern city of Leeds has been increasingly on the radar of savvy investors. This vibrant and business friendly city has a number of features that make it stand out as an investment hotspot. Here are five reasons to invest in Leeds.
- Big Business
Leeds has an exceptional reputation for business and financial services. In fact, it has the second largest financial sector in the UK after London, providing a home for over 100,000 companies. With a high number of lawyers, bankers, accountants and other professionals, Leeds is becoming an attractive destination for companies to base their operations. Huge brands like global fashion leader Burberry are choosing to relocate to Leeds, bringing 400 new jobs and worldwide attention. The company stated that it had chosen Leeds for its highly skilled workforce and strong talent available. Other big businesses based in Leeds include Asda, Jet2, Yorkshire Bank, First Direct and GHD.
- Northern Powerhouse
Leeds is a key city in the UK government’s Northern Powerhouse strategy which has caused an increasing amount of investment in the city and the wider region. The Northern Powerhouse aims to bring together the main cities of the north to create a strong and connected economic heavyweight. Efforts to improve connectivity between the cities include the HS2 railway, Northern Powerhouse Rail and numerous collaborative pledges and growth strategies. Leeds is right in the heart of the Northern Powerhouse and the government’s initiative will be great for Leeds.
- Cultural Hub
Leeds has gained a reputation for its contemporary and forward-thinking culture. It is the home of Leeds Festival, which is one of the country’s biggest music festivals and attracts 75,000 music fans annually. It has also been the home of talented artists such as Barbara Hepworth, Damian Hirst and Henry Moore, who studied at Leeds Art College. Leeds also hosts the largest film festival in the UK outside of London, with 40,000 film fans flocking to the city every year.
- Tempting Property Prices
Unlike many other UK cities, property prices in Leeds are surprisingly affordable, and allow investors to get great value for money. In September 2018, the average property price in Leeds was £164,900, more than £50,000 below the UK average. However, these low property prices look set to rise, with an average house price growth of 4.3% over the last 12 months. Leeds property investment opportunities provided by companies like RW Invest allow investors to purchase valuable property at surprisingly affordable prices. A rise in the number of renters in Leeds also means that Leeds buy to let property is providing investors with significant returns.
- A Bright Future
Leeds is one of the UKs most forward-thinking cities and its plans for the future are as ambitious as they are far-reaching. There has been a proposed £350 million regeneration scheme in the South Bank area of the city, which should provide new homes and business locations. There is also considerable investment planned for the Aire Valley region, as well as LogicLeeds and Temple Green. The Leeds City Region Enterprise Zone is also providing businesses with a range of incentives to encourage them to move the city and boost the region’s economy even further. Leeds is home to thousands of students, and with a high student retention rate, many of these young graduates are deciding to stay and join the city’s growing workforce.