A vibrant economy offers protection and growth potential in uncertain times
Leeds is one of the UK’s core cities, with a large regional economy, excellent education facilities (including three universities), and a vibrant city centre. Leeds is currently benefitting from massive investment and regeneration. Channel 4 has recently selected the city as the location for its new UK headquarters. It is a lifestyle city to achieve your lifestyle investment goals.
I’ve recently been asked how Leeds is likely to fare after Brexit. I think it’s going to do fine. But don’t take my word for it. In the UK Powerhouse Study, Irwin Mitchell and the Centre for Economics and Business Research (CEBR) expects Leeds to be the second fastest-growing local economy in the UK immediately after Brexit.
There is a jobs boom in Leeds
The report forecasts an economic slowdown after Brexit but also concludes that the Yorkshire region has the potential to produce long-term economic growth. This growth, it says, is likely to be concentrated in the major towns and cities in the region, particularly in Leeds.
Leeds has a diverse economy, with major sectors including:
- Financial and business services
- Leisure and the visitor economy
- Creative and digital industries
Its jobs growth has recently been concentrated in knowledge-intensive businesses, and, combined with digital tech business, this is expected to help it produce the second-fastest jobs growth in the UK in the three months after Brexit day (29th March 2019). In the 12 months to the second quarter of 2019, the UK Powerhouse Study forecasts that jobs growth in Leeds will be 2% and that the local economy will grow by 1%.
What does this mean for property investment in Leeds?
Whatever form Brexit takes, it is likely to create issues that will cause economic uncertainty for the UK. Many businesses are preparing for the worst and hoping for the best. It’s clear that Brexit won’t be all bad, despite what various experts and doom merchants are predicting. There will be opportunities created, and, with its diverse and knowledge-based economy, Leeds is more protected against Brexit than many other cities in the UK.
The city is an attractive place to live and work, offering much to both businesses and residents. It is home to a huge local economy – the biggest regional economy outside of London – and is well connected by road and rail to the rest of the UK, and by Leeds Bradford Airport to international destinations.
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Jobs growth is expected to continue in the next 10 years, with the local authority forecasting at least another 25,000 jobs in the private sector. The highest growth in jobs is expected in accommodation and food services, financial services, and manufacturing. These jobs will help to support a growing population, forecast to grow from 780,000 currently to more than 900,000 by 2036.
Fundamentals like these have led JLL to forecast that property prices in Leeds will rise by almost 20% by 2022, and rental prices will rise by around 19% during the same period.
When searching for the best property investment opportunities, it is vital that you ignore the noise and concentrate on the fundamentals that drive demand and long-term profitability. We believe that Leeds is one of the most exciting cities for property investment in the UK today. Its vibrant and diverse economy should sustain long-term income and capital gains, to produce above-average returns in post-Brexit Britain.
To find out more and receive an in-depth appraisal of the best property investment opportunities in Leeds, get in touch with Gladfish today.
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