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Spotlight: The Future of Leeds City Region – 2016/17

Research Article

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The region must address its housing and workplace shortfall to continue to grow

■ Leeds City Region is undergoing a dramatic transformation, driven by economic growth, a strengthening financial services sector, a large student population and increased inward investment.

■ Leeds City Region’s population has grown by 3.1% over the past five years. Oxford Economics indicate a further 2.4% growth over the next five years, with Leeds having the 7th fastest growing resident population up to 2020.

■ The growth of the tech sector has added a further dimension to Leeds and this sector is expected to grow by 5.6% over the next five years compared to 2.8% over the last five.

■ Continued strong take-up within Leeds’ office market has been a catalyst for development over the last 12 months. With 47% of space delivered in 2016 pre-let, there is still a need for further development within the city.

■ A potential housing shortfall of 30,000 units by 2021 is anticipated. Already, reduced new supply means average house values are close to or level with their 2008 peak across the region, with some hotspots outperforming this.

■ York is currently 14% above its 2008 peak with average values of £231,700. Leeds is 3% above peak with average values of £165,600.

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