Growing Working Age Population Makes Leeds Ideal For Investors
A few weeks ago, Leeds City Council announced that it was targeting creating almost 20,000 new homes in the city before 2028.
According to reports, more properties are built per annum here than any other core city in the United Kingdom, but this latest bid will focus specifically on residential developments in, or close to, the city centre. With this area of development lacking, landlords are in a strong position to make the most of buy-to-let.
Not only that but even if these new builds are delivered, things are still likely to look good for Leeds landlords. Why? Not only is our city the third largest in the UK and growing exponentially but we’re also home to a working age population that already stands at 140,000 just in the city centre and is increasing quicker than European cities like Berlin, Madrid and Milan.
Further evidence of the growth of Leeds can be seen in the labour statistics. Between 2010 and 2015, only Manchester out of the 10 core cities increased in net jobs by more than the 34,200 our city gained. On top of that, we made the top three of most diverse in sectors, which means we attract a mix of people.
Where will the new homes be built?
The council is looking at a variety of schemes including the 312 zero-carbon apartments at Low Fold and mixed tenure housing like Saxton Gardens at East Bank. Around the city centre core, these six zones have been earmarked:
- South Bank and Holbeck
- Hunslet Riverside
- East Street Corridor
- The Northern Gateway
- West End and Kirkstall Corridor
These will see 10% of the final total of homes. With this in mind, the city will push to broker relationships between funders, developers and the Government to find the best brownfield sites to invest in and create the required mix of type, tenure and price.
The Leader of Leeds City Council, Judith Blake, believes that this can help ensure a vibrant city centre and deliver thriving communities for everyone over time. She had this to say on the project:
Transforming our brownfield sites into these attractive communities supports regeneration, continued economic growth and public services, helping to avoid the problems that some cities have faced of low levels of occupation of the city centre at weekends.
We are taking a proactive approach to boosting housing delivery locally and providing an example of best practice nationally.
*featured image: Leeds-list
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