Tracking People Migration To Predict UK House Prices
In the United Kingdom, highly populated areas generally indicate strong UK house prices. The higher the population, the more demand there is for property. With this in mind, there is a way to track people migration to predict growing property value, in turn tracking market trends and identifying property investment hotspots.
UK Population Rise In The Last 5 Years
Overall, the population in England has risen by 1.5 million in the last 5 years. This does not include the population of Scotland, Wales, and Northern Ireland. Over the past five years, population growth in Scotland has been somewhat varied. In 2017 Scotland’s population grew by just 0.15%, but in 2015 it grew by 0.93%. Wales, on the other hand, has seen a steady growth rate. Since 2014 the population of Wales has increased by approximately 67,200. Northern Ireland is the smallest of the four that make up the United Kingdom with an overall population of around 1.8 million. In the last 5 years, Northern Ireland’s population has grown by roughly 48,600.
UK City Population Growth
London remains at the top of the list for the most populated city in the UK, its inhabitants numbering approximately 8.7 million. It has always been considered the most prominent city in the UK. London is renown for its excessively high UK house prices. The second most populated UK city is Birmingham. Again, having over 1 million people, Birmingham is also one of the most multi-cultural cities in the UK. Up in West Yorkshire lies the city of Leeds which is now ranked 3rd in terms of UK city population. Along with its 800,000 plus individuals, Leeds is considered the UK’s second largest economic centre after London.
The perfect example of tracking people migration to predict growing property value is the city of Leeds. In recent years, Leeds’ ambitious regeneration projects and citywide developments have brought it into the spotlight. Economic and population data show Leeds as the fastest growing city in the UK. It is currently one of the UK’s most prosperous cities for business.
The Growth Of Leeds
In the last decade, investments of over £3.9 billion have been used for large scale development projects all over the city. That alone has caught the eye of many enthusiastic professionals and businesses and is only the beginning. There is also an additional £7.3 billion worth of investments for more construction projects currently under development or in the pipeline. In terms of population, 2016 saw a rise of 1.94%, with a 0.80% increase in 2017. Last year the population increase grew again by 0.97%.
UK House Prices – Leeds
In just a year, the average price of a flat in Leeds has risen by 4%. In March 2018, the average flat price in Leeds was £138,802. By March 2019 the figure rose to £144,832. As for detached houses in Leeds, the average price has actually fallen by 4% in the last year. One possible reason for this could be due to the high number of students and young professionals needing a small and easy to manage home. UK house prices have fluctuated somewhat in recent years due to a number of factors, the uncertainty of Brexit being one of them. With all said and done, the northern part of the UK has experienced promising growth.
Leeds Robust Inwards Migration
With many businesses relocating their headquarters to northern territories, a relatively high number of people are also choosing to move to a more cost-effective city. Channel 4 announced that their new headquarters will be situated in Leeds, providing many opportunities for residents. Since the location was announced other media businesses including UKTV, True North, PACT, Wise Owl, and the world’s biggest independent producer, Endemol Shine North have all invested in Leeds. This, along with its strong presence of the technology industry, and its financial sector being the country’s second largest makes Leeds highly attractive.
Predicting Property Price Growth
Redevelopments, affordable rental prices, and desirable job prospects are what draws both businesses and people to cities. It is also what makes people want to remain in the city, and keeps students there post-graduation. This all leads to a growth in population, which then has a knock on effect on house prices in the area. Especially if property demand remains strong. Leeds is a perfect example of this as it has all of the above and more. Several other cities in the UK also have the potential to follow in Leeds’ footsteps.
With the data that is readily available on the internet, tracking people migration is made easy. With the internet, keeping track of people migration is relatively easy as data is readily accessible. Predicting people migration is a great indication where promingsi property investment opportunities may arise. By no means has the city of Leeds reached its peak. In fact, it is safe to say Leeds is in its nascent phase of what promises to become a thriving and innovative city.
An Opportunity to Invest in Leeds Now – Northgate House
A fantastic property investment opportunity in Leeds is Northgate House in the LS6 area. Just outside of the city centre, Northgate House is less than two miles from the leading universities of Leeds. It has excellent connections to the primary motorway via the Leeds inner ring road as well as regular public transport links into the city centre. The apartments include bike storage and secured car parking, both included in the price. Communal areas and external areas have CCTV camera coverage, and the lift to all floors is monitored on a 24-hour basis.
As far as UK house prices are concerned, property in Leeds is relatively low. Especially when compared to London, Manchester, and Birmingham. Furthermore, house prices in Leeds are expected to increase by 21.6% by 2021. With a significant number of development projects both underway and due to begin, Leeds is a city that is well and truly flourishing.