How Leeds can play a central role in making property market more efficient: Simon Wright

The North of England, with Yorkshire at its heart, is rapidly emerging as a beacon of technological innovation and economic growth within the UK.

The region, particularly Leeds, has long been a cornerstone of the UK’s economic strength. Its commercial culture and innovative spirit date back to the Industrial Revolution when Yorkshire became a powerhouse for textile manufacturing, coal mining and steel production.

The region’s rich natural resources, coupled with its strategic position and robust infrastructure, facilitated the growth of these industries, which in turn fostered a culture of enterprise and ingenuity.

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In recent years, Yorkshire has been at the forefront of technological change, transitioning from its industrial roots into a hub for the digital economy. This transformation is underpinned by the region’s well-respected academic institutions, such as the University of Leeds and the University of Sheffield, which are renowned for their research and development capabilities, particularly in advanced engineering and digital technologies.

Simon Wright shares his expert insight. Picture: Ian GoodSimon Wright shares his expert insight. Picture: Ian Good
Simon Wright shares his expert insight. Picture: Ian Good

These institutions not only contribute to the local economy through innovation but also attract a talented workforce, driving further social, cultural and economic development.

It’s no surprise, then, that we have seen a rise in both traditional banking institutions, such as the Bank of England and the Financial Conduct Authority, as well as fintechs, such as Iwoca and LHV Bank, establishing their presence in Yorkshire – a welcome testament to the region’s adaptability and forward-thinking mindset. Rather than merely riding the wave of the tech boom, it is actively shaping it.

And yet, despite having nearly 6,000 tech-related businesses contributing close to £3 billion to the wider economy, it remains under-appreciated on a national scale. To capitalise on its well-earned reputation, we must elevate its voice outside of the region.

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Initiatives such as the Leeds Digital Festival, Legaltech Leeds, Fintech North and UKREiiF are already doing a good job of this. They strive to connect key players across the region from universities to government and businesses, big and small, in a way that fosters true collaboration and innovation. We know that when these key players work in silos, inefficiency and degradation of opportunity can take hold.

Instead, we must bring all businesses together to strengthen the ecosystem and grow its influence at a national level.

Both public and private investment play a huge part in making this a reality. The property market is a key example of how this could work in action. The market is broadly acknowledged to be slow and inefficient thanks to the back-office infrastructure that supports it.

Not only does it mean that the workload of law firms and lenders and the stress of getting transactions done quickly is ever increasing, but it also impacts borrowers who don’t always get to take up the best rates quickly or who might be left vulnerable to fraud.

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Using the aforementioned key strengths of the region, including across the financial, legal and property sectors as well as tech that transcends all three, a well-oiled ecosystem can be created driving efficiencies and improvements for all.

Yorkshire is already benefitting hugely from international investment from players like PEXA in this regard, and in collaborating with industry stakeholders, there is a real opportunity to drive success and use it as a future proof point for a solution to a national problem.

There is no better place for this synergy than Leeds, a city that is already demonstrating enormous capacity and hunger for innovation. Yorkshire’s tech hub is a clear indicator that the North is not just up and coming but is already a force to be reckoned with.

Simon Wright is UK Chief Operating Officer at PEXA

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