CBRE’S ‘BRITISH LIVING’ REPORT SHOWS YORK HAS UK’S HIGHEST RENTAL GROWTH
19 Aug 2015
CBRE has launched its residential outlook for some of the UK’s most well-known locations as part of its British Living: A town and city compendium report. British Living explores local trends and buyer characteristics across 29 of Great Britain’s towns and cities.
The report published by CBRE highlights how cities such as York have witnessed a whopping 26% average rental growth during the last 12 months alone in comparison with the nation's 4% and the region's 2%.
Mike Gorman, Senior Director at CBRE Leeds, comments;
“This recent report really demonstrates the growth in the residential market in the North of England, in particular York which remains a popular place to live due to its rich ancient history and attractive villages. House prices in York increased by 3% last year and now stand at an average £228,907. This is 44% higher than the regional average, and reflects a buoyant local economy with just 5% unemployment and above average earnings of £35,177. The underlying demand created by this demographic as well as young professionals has pushed rents up an astonishing 26% last year to stand at £901 pcm.”
Reflecting on the city of Leeds, Mr Gorman indicates a similarly positive outlook;
“With its thriving economy and distinctive skyline, Leeds is fast blossoming into a hub of commercial and creative activity. Over the last 20 years, more jobs have been created in Leeds than any other regional city. 29 schemes have been granted planning permission in the last two years and there are currently a range of sites changing hands in the market at rates of above £1.5m an acre. With a 5% increase in population over the next five years (in comparison with the region’s 2%) and above average rental growth over the last year alone (5%), Leeds is certainly on the up.”