17/05/2017
The shift in property trends
It is clear that the sustainability of the UK property market lies in continued overseas investment into the UK market.
Recent reports show that property experts are optimistic about the future of the UK market as current statistics reveal that almost £5.8 billion was spent by foreign buyers on UK property outside of London. More interestingly, these figures have reached record levels comparable to last year’s figures.
Why is this so, one may ask? It is common knowledge that overseas buyers continue to be tempted by the benefits of investing in bricks and mortar over here, in no small part because of our standardised market, times zone and culture, as well as our dependable legal system which all make for a secure and safe investment option.
There is one small shift, however: where they are investing has changed. Rising property prices have made central London too expensive and potential yields are not high enough to attract much interest from overseas buyers. This has led to an increasing interest in regions such as West Yorkshire, where property, comparative to London, remains at very affordable levels.
Why Yorkshire, Leeds and Bradford?
Accountancy and advisory firm Hentons reports that, “Leeds is showing significant growth in retail and property investment” which marks it as a city on the property investors watch list.
It is no surprise, therefore, that Leeds has been dubbed the “best investment opportunity outside London” with around £30m having been ploughed into the city’s property market in just 18 months.
Property values forecast to increase by 5%
In addition, property experts forecast that by 2018, Yorkshire property values are expected to increase by 1.5% followed by a mini boom of 5% in 2019, which will outperform London’s 4.5% growth.
Furthermore, property investment potential for growth in Yorkshire looks set to be fuelled by a shortage of housing and a growing population created by strong economic growth. Planning records show that over 36 hectares of brownfield space is available for development and there are major opportunities for mixed-use developments on the Leeds South Bank and East Leeds Orbital Road. The proposed major housing developments and 1.3msq ft of office, retail and leisure space will drive up property demand and value in the medium to long terms.
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