As a location for property investors, Leeds has a few things going for it: There’s strong demand for property with a briskly growing population and good prospects for the local economy. Along with Yorkshire & Humberside generally prices are much lower than the national average, offering good prospects for yields.
If you’re interested in investing in property in Leeds here’s a guide to some of the areas you might want to consider investing in:
Leeds city centre. Leeds has really only had much of a city centre living scene for a decade or so. So, being fair now, it doesn’t really have that cosmopolitan urban chic feel that you get in say Manchester. Agents tell us that demand for rental property is exceeding supply right now so there could be opportunities – but it would be best to take advice on what’s in demand, and where, and what rents are doing.
Headlingley/Woodhouse/Burley areas. Once family suburbs these have been Leeds’ most popular student accommodation areas since the 70s. There are still opportunities for student landlords here but, as more and more students are preferring the city centre these days, new investors who are interested in student property should do their research carefully.
Beeston and Holbeck. In Leeds’ industrial heyday these inner city suburbs housed thousands of factory workers in rows of back to back houses. Now that the big industrial employers have gone (main Leeds employers are service industries nowadays) some of the cheapest property in Leeds is to be found here. Very popular with buy to let landlords – maybe a bit too popular in some cases.
Armley. Like Beeston and Holbeck, another former industrial area with rows and rows of solid family houses. Often touted as being a bit up-and-coming it’s hard to say whether it ever will. Good value and close to the city though.
Crossgates. An area of pre- and post-war housing estates, popular with families. Crossgates’ big draw is its excellent local amenities, a station on the Leeds-York line, access to the M1 in minutes and proximity to open countryside. Thanks to a new link road, due to start construction in 2018, Crossgates is likely to see extensive housing and commercial development over the next few years.
Chapel Allerton. Manchester has Didsbury, Leeds has Chapel Allerton. Popular with trendy young professionals and so equally attractive to buy to let investors. Note that nearby Chapeltown isn’t Chapel Allerton in any way, shape or form so check where you’re buying.
Harehills. Rows of traditional terraced housing with easy access to the city centre and St. James University Hospital. Low property prices – partly explained by the fact that Harehills is in the top 5% of the most deprived wards in the country. Very popular with buy to let landlords who want to get involved in this sector of the market.
Pudsey. The town (or rather, a township) that gave its name to Pudsey The Bear of BBC Children In Need fame. Strange but true! Technically closer to Bradford than Leeds it’s still firmly part of Leeds. A middle-of-the-road type of place it offers mainly family housing in the middle price brackets.
Morley. Down to earth former mill town to the south of the city, which has now almost become a suburb of Leeds. Numerous large local business parks and proximity to the M62 make it very popular with those who ply the motorways of the land for a living. Property here looks good value for such a well-located spot.
North Leeds suburbs, such as Moortown, Meanwood, West Park and Horsforth. Varies from area to area but predominantly middle-high end housing areas with higher than average prices – anything from a little to a lot higher. Handy for the airport and good local schools which help support property prices.
Wetherby and the surrounding villages. For example Boston Spa, Collingham, Bardsey etc. Do you have lots of money to invest in property – and I mean lots? You’ll need it to invest here. Actually around 10 miles to the north of Leeds this is the area’s (and one of Yorkshire’s) most upmarket residential areas. Given the high prices it would probably be difficult to see new buy to let landlords making a return here but it’s very popular with developers.
I hope you’ll find this quick guide to investing in the different areas of Leeds useful. As with any other property investment be sure to do your own research on the area in question and take advice from experts where you need it.
You might also find this article useful: 12 Things Property Investors Should Know About Leeds