John Howe & Co

A West Yorkshire property expert believes that Leeds will buck national forecasts of a slowing in the housing market.

John Howe, partner at John Howe & Co, contends that Leeds’ business and economic demographics makes the city more resilient to the bottom falling out of its property market in the wake of the cost-of-living crisis.

According to the Nationwide, May saw the second consecutive month of a decline in the growth of the housing market as people’s disposable incomes were badly hit by the impact of rising prices, particularly soaring energy costs.

While a wholesale property crash has been ruled out, since demand is predicted to continue to outstrip supply, there is a feeling buyers will become more cautious and take longer to make a decision about buying, which will curtail house price inflation.

John said: “It is widely expected that the housing market in the North of England will do significantly better than in other parts of the country and so can the market in Leeds and its surrounding areas outperform such expectations?

“I believe it can, as Leeds’ economic characteristics will help it withstand any fall in housing market growth that is likely to be experienced elsewhere in the country.”

John cites the following points as being in the city’s favour when it comes to bucking the forecasts in future housing trends:

Leeds is the sixth richest city in the UK and the wealthiest in the north of England, according to the latest Barclays UK Prosperity map

It being the UK’s fastest growing city and the main driver of a city region with a £64.6 billion economy

That during the next ten years, its economy is forecast to increase by 21 percent with financial and business services set to generate more than half of Gross Value Added (GVA) growth during that period

The city having one of the most diverse economies of all the UK’s employment centres with financial and business services accounting for 38 percent of total output and its breadth and strength in other key sectors including retail, leisure and the visitor economy, construction, manufacturing and the creative and digital industries

• Cambridge Economic Associates’ forecast of growth for the Leeds city region at rate that is 69 percent higher in the 2015-30 timeframe compared with the 2000-15 period
• Leeds having the lowest unemployment level, except Edinburgh, when compared to 14 other major cities in the UK
• In recent years it being the top-ranking English city to live in the Money Supermarket Quality of UK Living survey as average salaries rose to £22,419.

John, whose legal practice is based in Pudsey, said: “Leeds is home to a multitude of service and industrial sectors including education, health, scientific, print and publication, creative, digital, and retail.

“The diversity and breadth of its business foundations, the low unemployment levels, the number of mid-sized and large companies being above the national average and it being one of the country’s foremost centres for fast-growing firms, all make it highly unlikely that the property market in Leeds will be as hard hit as other areas of the UK.

“This could be used to its advantage by encouraging people and businesses from more expensive and harder hit parts of the country to relocate.”

ENDS

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CONTACT: Caroline Walker on 01325 363436

Notes to editors:

Established in 1994, John Howe & Co is a specialist and independent firm of solicitors. We offer a comprehensive range of legal advisory services to private individuals and businesses across many diverse sectors.