“Demand is particularly strong not only in established areas in North Leeds with good schooling but also in up and coming areas where there is a vibrant social scene – Farsley being the stand out.”
On current professional rent levels across different areas of Leeds he says: “Typical rents for a city centre, two bed apartment are £1,200 pcm. In Burley, Kirkstall and Meanwood a two bed terrace would be £975 pcm. In Horsforth it would be £1,100 pcm and in Bramley it would be £850 pcm.” Mark Phillipson, Director
He tells us a little about the student market in Leeds at the moment: “The student lettings market remains robust with a continued influx of freshers arriving every year attracted to the university city of Leeds. The rents have risen on the whole a further 5% with a strong demand for quality properties that have been well maintained.
“Streets located within a 5/10 minute walking distance of Leeds University seem to have the greatest capacity to continue this upward trend but obviously command the lowest yields.
“My advice would be to latch onto a local agent with experience in Leeds to look beyond this area when investing to achieve higher yields without leaning on variables too much.”
He offers some thoughts on what sort of yields landlords might be able to get in Leeds at the moment: “With Labour due to make some big decisions in October, yields remain robust at 6% to 8%, and I feel 10% is achievable. The investors’ tendency to pause, waiting for Labour’s next move or waiting for a further drop on the interest rates could be beneficial for proactive investors willing to proceed with a long term vision.”
