The UK buy-to-let market is currently going from strength to strength: After an impressive upsurge of as much as 11% since 2014, its total value as of now stands at in excess of £990billion – and has even been forecasted to surpass the £1trillion mark by the end of March 2016.
With an ever-increasing population and a chronic undersupply of appropriate housing stock, demand for rental property nowadays is higher than ever before. A study has found that almost three quarters of all new British households were formed within the Private Rented Sector (PRS), meaning that almost one in five British households today rents directly from a private landlord instead of owning their own home.
The rising demand for rented accommodation furthermore allows buy-to-let investors to achieve greater returns on their properties, which is especially the case in the Northern regions of the country. Research by global property consultancy Knight Frank has shown that whilst gross yields stood at approximately 4.3% in central London, with its increasingly stagnating housing market, properties in Leeds (in the North of England) on the other hand have gained their investors as much as 8.2% in 2014.
In Leeds, average property selling prices grew by 5% in the twelve months leading up to March 2015, with a typical property now being worth £151,243. It has been found that rents in Leeds City Centre have grown by an impressive 7.7% last year, averaging from £825 to £1,000 for a two-bedroom apartment. The city’s centre is already hugely popular and in demand for property investment, as yields there are high and void periods are low. A report by professional investment management company JLL has found that occupancy rates in Leeds City Centre are above 98%. Moreover, the same report has estimated that in the next five years to come, Leeds will require an additional 20,000 homes to cater for its local demand of households.
Already about 800,000 people are currently live in the city of Leeds, making it one of the UK’s four largest cities. But what is it that attracts thousands of people to Leeds?
Its three renowned universities, the University of Leeds, Leeds Trinity University and Leeds Beckett University, alone manage to attract 65,000 students every year – both nationally and internationally. But that is not all: Leeds is a thriving city, not only in terms of its buoyant economy (with its top performing sectors being the finance and business industries), but also regarding what it has to offer as a city overall. Leeds is almost unrivalled with its vast array of parks and cultural institutions such as countless museums, galleries and theatres. On top of that, the city has an incredible amount of prime shopping amenities and going-out hotspots in form of popular restaurants, trendy cafes and fashionable bars.
One of the latest residential developments to come to Leeds thanks to its exceeding reputation as one of the country’s preferred buy-to-let destinations is X1 Aire.
X1 Aire is the latest project Knight Knox is bringing to market in collaboration with its long-term partner X1 Developments – their first development outside the Liverpool and Manchester areas. Being located just on the edge of Leeds’ City Centre, this luxurious development benefits from an extremely convenient location close to transportation links such as local bus stations and nearby train stations. Residents of X1 Aire will furthermore be able to make the most out of a private fully equipped gymnasium and the services of professional on-site management company,the award-winning X1 Lettings.
Leeds’ latest residential development X1 Aire is a prime investment opportunity for the today’s savvy investor – for investors who are aware that the North of England is set for a massive growth phase in the near future, thanks to ongoing regional devolution deals and up-coming infrastructure-improving projects such as the HS2 high speed rail network.
Together with Manchester, Leeds will most definitely be one of the driving forces behind the economic growth and prosperity of these regions in the future thanks to its thriving economy, rising house prices and growing population. So don’t miss your chance to be part of X1 Aire and enquire today with Knight Knox about how you can make your money go further by investing in the North!
To have a look at Knight Knox’s full range of high yielding investments in the North of England, click here: http://www.knightknox.com/property/uk?utm_medium=article&utm_source=kkinews&utm_campaign=x1Aire&utm_content=080715