The expansion of Leeds
With the population set to grow by 4.6% by 2024, is now the time to invest?
It’s been made clear by the Government that the North of England is paramount to the future prosperity of the UK as a whole, as documented in the Northern Powerhouse Strategy.
The Office for National Statistics predicts that the population in Yorkshire & the Humber will grow by 4.6% by 2024. Against this backdrop of growth and increasing urbanisation, the search for sites for development is becoming increasingly important.
With major companies like Channel 4 confirming their moves to Leeds, it seems like the city is growing from strength to strength, so where can investors put their money?
Investing in Leeds
You only need to take a quick look in the local news to see that Leeds is growing to accommodate this ever expanding population but what does this mean for the individual investor.
Personally, at Jinglenook Ltd, we think it provides an even greater opportunity than before. Whilst the city centre itself is reaching towards the skies, the surrounding suburbs are still ripe for investment, especially with the potential for HS2 to revolutionise the way in which people enter the city from the South.
So where should investors be looking? The North of the city has always been known for it’s affluent suburbs such as Headingley, Chapel Allerton & Alwoodley, and even Meanwood has recently had a surge in popularity due to the great local schools and the development of the first Waitrose store in Leeds.
But our money is on the lesser known areas in the South of the city such as Morley & Armley. House prices in these areas are still low but as these new flagship companies open their doors, the younger workforce may initially look to the high rise city centre flats but as they choose to settle down, it’s in the South of the city where they’ll get the most for their money. Once gentrified, these areas will see huge price rises, as witnessed by Meanwood (growing by 39% between 2012 & 2019).
If you would like to know more, please get in touch and we would be happy to help guide you on your next investment.