A Leeds property expert predicts the city centre’s residential market will see a big boost in 2016.
Due to a lack of new developments being built last year, demand for rental properties far outweighed supply.
But with work underway on multi-million pound projects at Tower Works and Call Lane, this could be about to change.
Jonathan Morgan, managing director at estate agent Morgans, said: “Leeds city centre is desperately short of rental stock, largely because the market has been starved of new-build activity since 2008.
“Recently supply has been at record low levels. However, the city’s economy and population have continued growing and as a result the market has been operating close to full occupancy.
“Although this is good for landlords, it is driving frustrated renters into other areas.”
Mr Morgan added: “The good news is that in 2016, supply will start returning to sustainable levels as work starts on several new schemes.
“In Holbeck the £80m transformation of Tower Works will provide over 150 apartments and townhouses and Iron Works will see 58 apartments built with 15 townhouses.
“Planning was also approved for 77 new homes on The Calls and Hunslet Riverside will start to see real change when work starts on 300 passive homes.”
He added: “Prices in Leeds city centre have under-performed against York and Harrogate but we believe Leeds can and will compete with these.”
Mr Morgan also predicts the sales market will continue to perform well due to ‘pent-up demand from buyers’.
“We are selling high quality properties in city centre locations for the same prices that we achieved at the peak of the pre-recession market.”