Renters, homeowners and prospective buyers of Leeds – here’s what you can expect in the property market this year.
Leeds is a bustling city, with new developments springing up all the time. Whether you’re looking for a new place to call home or just want to understand how the cityscape is due to change, we’re here to help. We caught up with Jonathan Morgan, Partner at Zenko City Living, to get an expert insight.
Having started in residential property back in 1991 and with 27 years specialising in City Living, Jonathan has expertise in everything from sales and rentals to development and property management. He highlighted some key upcoming property trends and predictions for the city.
Residential demand increases in the city centre
It’s not hard to see that Leeds city centre is in a period of growth. You can tell by the number of cranes and new structures that seem to be popping up every week. In fact, the annual Deloitte Crane Survey last year showed record levels of activity in Leeds.
“Leeds is a dynamic and fast growing city with a diverse economy where things move quickly,” Jonathan said. “Recent trends include a sharp upturn in the number of Build to Rent and Purpose Built Student schemes in the city centre.”
With a fast-growing sector of the population choosing to make a home in the city centre, Jonathan told us that the trajectory of price growth and residential buildings will continue.
“Rental demand remains very strong,” he said. “There is never-ending demand from buyers wishing to find their new home in the city centre and demand from both individual investors and property companies of all sizes to secure long-term exposure to the private rented sector is constant.”
Prime Leeds suburbs see growth
Looking outside of the city centre, prime suburbs are expected to perform well. Jonathan noted that modest price growth is anticipated, however, there will continue to be high levels of demand for properties in these areas.
That said, there will be exaggerated price growth in more sought-after suburbs. So, potential buyers for areas like Meanwood, Oakwood and Farsley are likely to face higher price tags for properties in 2025 compared to previous periods.
More connection between communities on the horizon
While it’s not set in stone, there’s the potential for improved connection across Leeds and its neighbouring cities in the form of the long-anticipated tram system. The proposed tram will link St James’ University Hospital with Elland Road.
Jonathan is cautiously optimistic that the new transport network will be delivered, helping to lay down lines to otherwise isolated communities and potentially solving the Leeds/Bradford corridor barrier.
However, he noted: “Leeds City Council has openly set out its ambition for inclusive growth which, in the context of huge pressure on budgets, comes with significant challenges. The private sector and the development community in particular, has a huge part to play in supporting this ambition.”
Major developments make Leeds even more attractive
Credit: Aire Park
There’s no shortage of commercial and residential developments ongoing in the city. Jonathan highlighted a number of notable examples, including Aire Park, a significant mixed use development on the former Tetley Brewery site; SOYO by MODA, the first co-living scheme in the city at Direct Line House on the Headrow; the construction of the tallest residential building in Yorkshire on Merrion Street, and the redevelopment of Leeds Railway Station.
“Leeds and the region has huge potential and will continue to drive growth in the North,” he said. “I am certain that the city will continue to prosper and that once this next wave of infrastructure works is complete, the city centre will be an even more attractive place to live, work and play.”
