There are a number of reasons why many buy to let investors are considering Leeds as a great location. Leeds is brimming with potential, with major regeneration plans underway designed to double the size of the city center. Leading buy to let property investment firms such as RW Invest are seeing more and more buy to let investors looking to Leeds as a viable option.
A Very Bright Future
One of the main reasons why investors should consider Leeds is the bright future that is in store for this city. The South Bank area of the city is due to receive £350 million of regeneration work, overseeing a huge transformation including new houses, businesses and infrastructure. Creating 35,000 new jobs and over 8,000 new homes, these plans will bring the biggest changes to Leeds in over a century. The new HS2 railway will also be integrated into the 253-hectare region, connecting Leeds to the rest of the Northern Powerhouse, and further afield to London and Birmingham. Digital and creative businesses have also been flocking to the Leeds South Bank area. Strategic green networks of urban spaces, paths and streets improve the area’s biodiversity and visual appeal, capturing a very modern aesthetic and feel.
Northern Powerhouse Promises
The Northern Powerhouse is another reason why investors are considering Leeds more than ever before. Leeds is a key component in the UK government’s economic strategy alongside other booming northern cities like Liverpool, Manchester and Sheffield. This strategy is bringing together the main cities of the North to create a strong and inter-connected economic heavyweight that can both compete with and work alongside London. Efforts to improve connectivity between participating cities include the HS2 railway, major motorway improvements, Northern Powerhouse Rail and numerous collaborative pledges and growth strategies.
Booming Financial Sector
One outstanding attribute that Leeds has is its exceptional reputation for financial and business services. Leeds has the second largest financial sector in the UK and it has over 100,000 companies based there. Many big businesses have headquarters or maintain major operations in Leeds including fashion house Burberry, supermarket giant ASDA and Jet2, as well as two of the UK’s most prominent financial institutions in Yorkshire Bank and First Direct. Aside from London, Leeds produces the largest GVA contribution in financial and professional services in the UK. Industries like banking, insurance, technology and legal services are all highly represented in Leeds, bringing with them new, highly skilled job opportunities. Leeds’ booming financial sector has had an impressive domino effect on the region, with new young professionals moving to the area because of its unrivaled job opportunities.
Highly Skilled Workforce
With a high and growing number of lawyers, bankers, accountants and other professionals, Leeds is becoming an attractive destination for companies to base their operations. Global fashion leader Burberry’s recent decision to relocate to Leeds brought 400 new jobs and the eyes of the fashion world and the global media to the city. The company stated that it had chosen Leeds because of the strong, homegrown fashion talent available.The Leeds City Region Enterprise Zone, another Northern Powerhouse initiative, is providing businesses with a range of incentives to encourage them to move to the city and expand their operations.