Leeds City Centre Lacking Residential Rental Space
October 29, 2013 |
Share this article
Barely a month goes by without some exciting new development scheme being either announced or completed in Leeds city centre these days. Bucking the general trend of the rest of the country, Leeds has made rapid progress during a time of recession, drawing in more professionals looking for work and a place to live.
Unfortunately, although there are 10,000 apartments across 35 schemes with planning approval in Leeds city centre, they are all on hold. Incredibly, there isn’t one noteworthy residential development under construction, despite obvious demand. Even if construction started today, the new apartments would not be available to rent for about two years.
Jordan Yorath of Countrywide said, “If just 10% of these properties are delivered in this time frame, I am confident that rising sales values and increased pressure on the lettings market will mean that a developer who takes the bold step to start building now, would reap the rewards on completion.“
Countrywide, which owns both Flatsinleeds and Bridgfords brands in Leeds city centre, estimates that, from September, the number of properties available to let account for just 1.5% of all city centre apartments. Clearly, more are needed.