Leeds sees highest annual price growth for new built apartments in England's 'big six' cities

The business attributes growth to a surge in demand owing to the city having the lowest prices of the Big Six.

Tom McWilliams, Head of Yorkshire at JLL, said the figures did not come as a surprise.

He said: “Leeds’ reputation as an affordable, vibrant and well-connected place to live means it shouldn’t come as a surprise to see valuations of city centre apartments outstrip others.

“The hope now is that Leeds’ offering to residents, along with a more settled economic and political backdrop, further reinforces its standing among investors and businesses. If so, we look forward to seeing it continue on its growth path.”

Reflecting buyer sentiment as the economic and political backdrop remained turbulent, JLL’s research notes that smaller, more affordable apartments have proven most popular.

New build one-bed apartments recorded annual growth of 3.3 per cent, while two- and three-bed apartments saw 2.1 per cent and 1.4 per cent rises respectively.

Annual growth in rents of new build apartments in the city is 2.3 per cent, with smaller, more affordable rental homes similarly recording higher annual growth.

Nationally the research showed that sales have grown by 1.9 per cent over the past year, though a shift to more affordable markets was noted.

Demand for rental properties across the six cities has also remained robust, driven by younga professionals seeking the lifestyle benefits of city centre living.

Even so, JLL’s research shows the rental market has become more balanced this year.

Annual growth, which had soared to double-digit highs in H1 2023, now averages 6.6 per cent across the “Big Six” cities.