Market factors such as the looming housing crisis and incredibly low mortgage rates, combined with the fact that there is a shortage of desirable properties on the market right now, has meant that house prices continue to rise. Good properties are in high demand from both a rental and sale perspective and stock levels are low, or slow moving, across the board.
According to the Office for National Statistics, house prices in 2017 on the ONS House Price Index finished 5.2% higher than at the start of the year. Of course, there are no guarantees on the year ahead, but savvy investors are galvanised by this steady return and this is a key reasons why residential property remains the current investment of choice for many.
Leeds regularly features in league tables of top rental hotspots and it’s not hard to see why. Leeds is the UK’s fastest growing city and is home to a combined population of 3 million and a workforce of 1.37 million. That’s a lot of professionals who need homes! Over the next ten years, the Leeds economy is forecast to grow by further 21%.
With a thriving community, Leeds is also one of the UK’s most popular locations for students. The University of Leeds alone has a student population of more than 33,000 and in addition to Leeds Beckett University and Leeds Trinity University, there are a number of other educational institutions here including Leeds Arts University, Leeds College of Music, Leeds College of Building and Northern School of Contemporary Dance to name but a few.
The opportunities to invest in residential rental property in Leeds, for the professional or student market, remain an incredibly attractive proposition.