Post-lockdown to be "real boom years" for city centre living in Leeds, says property expert
The post-lockdown years will see a "boom" for city centre living, according to a property expert.
Linley and Simpson with Morgans Leeds city centre specialist, Jonathan Morgan, has seen the city rentals market surge since lockdown restrictions were eased.
Mr Morgan said: "This time last year, I was reflecting on an improving rentals market which was showing real signs of shaking off the crippling impact of national lockdown.
"Almost an entire year of rentals activity was stifled but now, as restrictions have eased, the city rentals market has taken off like never before.
"Unprecedented void levels are long forgotten as we get used to full occupancy in our portfolio of almost 2,000 properties. We now have multiple applicants for every property and inevitable upward pressure on rents.
"The city centre sales market has performed consistently well since we have been able to return to “business as usual” and we have delivered on some significant milestones during recent months, including a number of new homes apartment sales at £400 per square foot and a number of premium apartment sales at just under £1m. A record sale has also been posted at £1.16m which equates to £828 per square foot.
"The impact of the tragedy at Grenfell continues to limit the number of city centre apartment buildings which are fully compliant and mortgageable and whilst the situation is slowly improving, it is likely to be a number of years yet before we can look back on the cladding crisis with a clear sense of direction.
"2022 is going to be a very interesting year in the city centre as funds and private investors who are awash with cash and still focused on investing in “beds and sheds” – residential and warehousing.
"The recent surge in take up and rents has already impacted on the pace of likely delivery of new purpose-built residential rental schemes such as Points Crossing, the second Phase of SOYO, the former ARLA site on Kirkstall Road, The Pin Yard by Grainger, Springwell Gardens, Globe Road by Get Living and the 665 apartment scheme by Highline Investments at Monkbridge all underway.
"It is now highly likely that we will look back on the post-lockdown years as being the real boom years for city living in Leeds."
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