A Key City of the Northern Powerhouse
The GVA of Leeds is £69 billion, more than the sum of nine European countries. The city is home to Government departments such as the NHS and HM Revenue & Customs, as well as 126,000 companies across the finance, legal and medical technology industries, including UK Infrastructure Bank.
The UK’s Largest City Region Economy Outside of London
Leeds is second only to London as the largest economic and financial centre in England. More than 30 UK and international banks are headquartered here, and three of the UK's top five mortgage financial institutions are also based in Leeds. The city is also home to a booming legal industry, with over 14,400 legal professionals and nearly £1 billion in annual production value. The Leeds City Council has also made strong efforts to develop the fintech and legaltech sectors, which has made Leeds the undisputed fintech capital in the north of England.
One of the UK’s Most Liveable Cities
Leeds has been repeatedly rated as the best city to live and work in the north of England, and was ranked fifth on Lonely Planet’s Best in Europe 2017 list of travel destinations. It also ranks third overall just behind London and Birmingham in the National Green Cities Ranking, recording a perfect score for the natural environment category.
Infrastructure Upgrade
The Leeds City Council has decided to extend the city centre to the new South Bank area to meet the needs of urban development. Spanning an area equal to 350 football fields, the £500 million South Bank revitalization plan is one of the largest urban centre redevelopment plans in Europe, and it will create more than 35,000 employment opportunities. In addition, referring to Manchester's Metrolink tram network, the authorities decided to allocate £4.2 billion in 2021 to build a tram system in West Yorkshire county, connecting the two largest cities, Leeds and Bradford, as well as all the other major towns and cities in the county. The mass transit network is expected to be completed in 2033.
Highest Property Appreciation Value in the UK
A research consultancy predicts an 18.8% increase in residential property prices in the North West Region and the Yorkshire and Humber Region, where Leeds is located, during 2022–2026, outstripping the expected growth in London during the same period by more than three times. In terms of leasing, another research consultancy predicts that residential rents in the Yorkshire and Humber Region will increase by 15% during 2022–2026, with an average annual increase of 3%. The main tenant groups are corporate personnel who have transferred to Leeds during the epidemic for employment assignments, and university students. The rent in the city centre of Leeds increased by 9.6% year-on-year in the fourth quarter of 2021.
