First time buyers flock to Leeds for several reasons. Housing is affordable, there is plenty to do in the thriving city, and it’s got great profit potential from future rental income or property sales.
If you’re not convinced that Leeds is the best place to buy your first home, take a look at these reasons why the city is loved by its growing population!
1. Leeds if well connected
Leeds is a great place for professionals. It’s a hub of activity for many industries, including digital media, creative arts and marketing. Traditional sectors such as law and finance also have a strong base here too.
If you’re not looking for a job in the city centre, or you already work in the surrounding areas, local cities lie an easy commute away. York is 20 minutes by train, Doncaster is 30 minutes, and Sheffield less than an hour.
You can easily travel further afield too, with great rail and road connections to Manchester, Liverpool and London.
2. Leeds is a hub for professional freelancers and entrepreneurs
If you’re a freelancer or new start-up business, Leeds is a hive of activity and support for you. From regular professional networking groups and meet-ups to start-up friendly co-working spaces, it’s a great place to launch your solo career.
Accelerator programmes allow new and growing businesses to take advantage of free office space, grants, mentorship and guidance to really make the most of the opportunities the city has to offer.
3. House prices are affordable compared to similar-sized cities
Leeds house prices rose by 50% in five years in some areas of the city. That’s set to continue, so it’s a great time to invest in property in the area.
Yet it’s still less expensive than other major cities of a similar size. The average house price in Leeds is £165,000. Sheffield will see you fork out £175,000 on average, while Newcastle would set you back £206,362.
Compare this to the UK average house price of £233,000 and you can see why Leeds is a favourite as you get far more house for a much cheaper price.
4. Leeds is close to stunning countryside
As well as being an incredibly green city with plenty of parks, Leeds is close to the stunning Yorkshire countryside.
A short jaunt in the car or train ride and you’ll soon be striding the hills in the Peak District, ambling across the North Yorkshire moors, or visiting the huge Yorkshire Dales National Park.
Having such easily accessible beauty on your doorstep makes it easy to take a break from the hustle and bustle of city life without compromising on the convenience of city living.
5. There's always something to do
You don’t always have to visit the countryside or picturesque market towns for your entertainment when you live in Leeds. From a thriving café culture, to huge shopping malls, to the Royal Armouries museums, there’s something for everyone.
The nightlife is a huge draw for many to the city. From a buzzing music scene to two of the largest casinos in the UK, incredible cocktail bars and exciting new fusion cuisine, if it’s an all-night-long experience you’re looking for, Leeds is the place to be.
Families with children won’t ever suffer boredom in the school holidays, either. You can visit a working city farm or have bedtime stories come to life at the Rainbow Factory. Perhaps you’d like to go to see the penguins at Harewood House, or visit the Tropical World in the centre of historical Roundhay Park.
6. Three universities mean there's always rental potential for your home
Your first home is an exciting adventure – but there will come a time that you’ll want to upgrade or relocate. The great news here is that Leeds has three universities, as well as a high level of employment.
That means your property is ripe for renting out. When you’re ready to think about your next move, your existing home could turn into a money-maker, too. The rental income you gain could pay your monthly mortgage payments on your new home.
Alternatively, if you have a spare room and want to make some money towards your mortgage while you’re living there, take in a lodger. You can earn up to £7,500 a year tax free renting out a room to someone.
(Remember that your existing mortgage terms may change if you become a landlord so always speak to an adviser first).
Speak to a Leeds mortgage adviser for more local insight
The best way to find out more about living in Leeds is to speak to the locals. Your local mortgage adviser not only knows how to find the right mortgage deal for you, they also know the area you want to live in too.
Your mortgage expert will point you towards suitable mortgage deals for you as a first time buyer in Leeds. They’ll know about first time buyer incentives in Leeds and beyond that could help you get on the property ladder faster with shared ownership or affordable housing schemes.
Speak to our team members with their fingers on the property pulse in Leeds and contact us today on 0113 3660195 or fill out our contact form to book an appointment.