A recent report, entitled ‘The economic prospects for the city of Leeds’, produced for CEG by Cambridge Econometrics and Cambridge Economic Associates, concluded that Leeds has out-performed other core cities in terms of output and jobs growth and is well placed, as the regional capital, to continue to grow employment and productivity, particularly around Knowledge Intensive Business. The economic power of Leeds city region is undeniable;
*Leeds City Region is at the heart of the United Kingdom and boasts the fastest growing private sector in the UK, with over 6% annual jobs growth in 2016
* Fueling this expansion is the largest concentration of Higher Education Institutions outside of London, with nine universities and over 39,000 graduates per year
* The Leeds economy is worth £18 billion, a growth rate of almost 40% in the last decade. It’s home to over 25,000 businesses and has the highest ratio of private to public sector jobs of all major UK cities.
* Over 30 national and international banks are based here or in the wider region, and many firms have national/global headquarter operations, including first direct, KPMG, HSBC, DLA Piper, Direct Line Insurance Group, Halifax Bank of Scotland, Yorkshire Bank and Leeds Building Society.
* As well as financial and professional services, Leeds is also the UK’s health and innovation city with a unique and influential health eco-system that is unrivalled globally. Four out of five NHS national offices are based here, including NHS England, the largest single health commissioner in the world.
* Leeds offers excellent digital connectivity too, with its own high capacity internet exchange (IXLeeds) right in the heart of the city and 100 Megabit and Gigabit broadband services available at low cost. This connectivity is helping to drive a pioneering approach to the hosting and interpretation of data, both in health and consumer data. (Leeds city region)
Here are a few areas of Leeds where we expect to see property to do particularly well over the next year;
Kirkstall: The opening of the new Railway Station at Kirkstall Forge which means Leeds city centre is just 6 minutes away by train, and the proximity to Horsforth and it’s established shopping and food scene puts Kirkstall firmly on the up. Look out for price growth- the arrival of the first phase of housing at Kirkstall Forge, which is bound to impact on prices in the area.
Burley: Between Kirkstall and Headingley, Burley is replete with a range of housing ranging from starter size back to backs to family semi’s and much bigger terraced housing and as the students continue to leave the area, the proximity of the railway at Burley Park Station and a host of amenities would put the area firmly on our radar for price growth this year.
Headingley: Originally one of Leeds’ go-to suburbs, Headingley felt the full force of the Northerly migration of students for around 25 years and is only just beginning to find its feet again. Under-valued as a consequence of over-population by the student cohort, the area is now seeing a return to its former glory, buoyed by good schooling, an independent bar and restaurant scene, parkland galore and a bus to the city centre every 5 minutes.
Pudsey: Perhaps a bit of a dark horse but with a good range of housing at first time buyer level and a railway station with connections to Leeds and Bradford, the area is well placed to enjoy price growth this year. The new apartment scheme at Dawson’s Court is an early pointer to the potential here.
Crossgates: East Leeds is perhaps the wider area with the greatest potential and ‘Croggy’ with its established and mature residential zones, including streets with surprisingly pretty terraced houses will be right up there. The Railway station in the heart of the district connects with York and Leeds and the district centre is well established and complimented by further facilities.
Chapeltown: The CHACO self- build project at the gateway to the area is a potential catalyst for a return to past glories for the area which is brimming with an entire suite of terraced house forms from back-to-backs to seriously grandiose family terraces along with genuine culture which is best displayed at the annual West Indian Carnival. Incredible value within easy walking distance of the city.
Seacroft/Gipton: With developers such as Keepmoat and Strata already well underway with a number of high volume schemes, easy bus connections into the city and numerous school options, it is inevitable that this part of Leeds will gain great momentum, particularly for first and second time buyers keen to enjoy the new home experience whilst staying close to their family and friends.