The Leeds city region economy is worth over £65.5 billion and is the largest outside of London, providing over 5% of the nation’s output.
Leeds is the largest producer in the city region with an output of £18.5 billion and the city has experienced the highest rate of private sector job growth in the past decade nationwide. Leeds hosts the UK headquarters for Asda, Capita and Sky plc with Channel 4 announcing in November 2018 that they will be creating their new regional HQ in the city. First Direct, HSBC, DLA Piper and all “Big 4” accounting firms have a signficant presence in Leeds and the Leeds city region has the highest private sector to public sector job ratio of all UK core cities.
Leeds city has a population of 784,000, a figure that is projected to grow 6% by 2026. The city is home to over 60,000 students across 8 higher education institutions including Russell Group members the University of Leeds. Leeds has the highest net inflow of students of any regional city and a high graduate retention rate of over 40% – contributing to a workforce where 34 % of the population have higher education qualifications.
The strong economy of Leeds and the opportunities it offers is a huge draw and 42% of the workforce did not grow up or study in the city. 25% of the Leeds city population is aged between 20-34, with younger demographics being attracted to the city’s professional opportunities, high standard of living and vibrant culture.
With a burgeoning young professional population and average first-time buyer age of 29, the Leeds rental market has high demand for good quality, professionally managed city centre residential stock, as exemplified by the high occupancy level short letting voids and tenant retention rate of this portfolio.