What Next For Leeds?

[Val Verde]

Originally Posted by aviator

It's also interesting to see the spin that Linfoot are putting on their proposals and the perceived lack of support from the Plans Panel. From reading the minutes of the two panel meetings where the proposals were discussed, it's clear that members fully support the provision of accommodation for key workers. What they are concerned about, however, are some of the details of what Linfoot are proposing. Could this interview be Kevin Linfoot's way of applying pressure on panel members?

Oh dear. Could this KW Linfoot Key Worker be of similar standards to the Opal Tower in light of the council's concerns over the standards of the building? Has anyone on the inside seen how this scheme will appear and when will renders for this scheme be released as well so we can judge for our selfs how good or bad this scheme will be if it gets developed and where will it be sited exactly? I believe it is meant to be somewhere in the Northern Quarter area but could someone post a map where this will be in relation to the rest of the city?

Although a good thing to be looking at adding more affordable housing into the city centre it must have some merit to genuinely improve the wider city centre as it would certainly be unacceptable to see the city centre develop another Opal or Plaza (Phase 1 if the Phase 2 tower turns out well).

Could a new thread be created for this Linfoot scheme perhaps considering it is one which could have a big impact for the city centre?

[SirCWilson]

Originally Posted by Rob

If there have been any lessons learned by the council planners, they should start to apply those lessons to ensure future developments improve. I think one of those lessons is that small (tiny) apartments are not going to remain popular and be sustainable in the long term. However, these are special low priced key worker apartments, so may be a special case.

Whether an apartment will sell or not is not a material planning consideration and planners can't refuse an application on those grounds. Planning legislation basically leaves it up to the market: if a developer can't sell it's dingy shoebox flats, it's their own fault. The planning officers can only assess units in terms of whether they meet minimum living standards but not whether they'll sell.

[aviator]

It's ironic that, just as the flat-building boom seems to have run its course for now, a shortage of accommodation is being forecast.

This from today's YEP:


Leeds property sector enjoying boom

PROPERTY sales might be falling through the floor but lettings of city-centre flats are going through the roof, according to agents in Leeds. While less than a year ago forecasters were warning there would be a huge oversupply of apartments in the heart of Leeds, since the credit crunch put the brakes on many schemes, the city's letting agents say there could well be an undersupply.

And it looks like the days of a flat in Leeds being seen as a cheap option could soon be over, as rents rise in line with the increasing demand for a limited number of homes.

Jonathan Morgan, of Morgans City Living, said lettings with the firm were up between 30 and 40 per cent on last year. He has recruited extra staff and extended opening hours to cope.

Mr Morgan, the first estate agent to deal exclusively in the fledgling flats market 11 years ago, said: "People recognise that at the moment if they are serious about moving they are making very quick decisions because if they don't, flats they look at have gone and they have to go back and start looking again."

He added: "Believe it or not the challenge we may face in five years time is undersupply." As revealed by the YEP, thousands of homes planned for the city centre have been axed.

The credit crisis has pushed up the cost of mortgages and first-time buyers need to find deposits of 10 or even 25 per cent to get the best rates from some lenders – equating to more than £30,000.

Mr Morgan said a random sample of 80 Morgans properties had shown rents had risen 2.5 per cent between April 2007 and April 2008 and that was expected to increase to around four to five per cent this year. A typical one-bedroom flat without parking in Leeds city centre is now a minimum of £600 a month, while a two-bedroom pad with parking is £825 upwards.

Hayley Miles, sales and lettings manager for King Sturge, Leeds, said this was the first year the firm had offered a lettings service but it was three times busier than expected and rents were starting to rise. She said: "There's always been talk of an oversupply in times gone past but in fact we still have few properties in Leeds city centre compared to other cities."

Miss Miles added: "The future development pipeline has dramatically reduced due to the mothballing of a number of high-profile schemes so there's going to be less stock coming on the market over the coming years."

She said: "If the letting market continues to boom the way it is, it's conceivable that the demand could outstrip the supply."

James Douglas, of Leeds city centre online estate agent nest, said the firm had had its best year yet, taking on extra staff to cope with demand and reporting record profits.He said: "nest is open seven days a week – til 8pm five days a week.

"This year we are up probably 35 to 40 per cent compared to last year."
Mr Douglas, 29, said: "People who had put aside £800 or £900 a month for a mortgage are thinking they're not going to get that mortgage but they're still aspiring to live in nice properties even now they can't buy them."

He added: "Now that we are having to work with what we've got to hand there will be an undersupply."

Andrew Carter, deputy leader of Leeds City Council and executive member for development, said the vacancy rate for city-centre flats was around 11 per cent, which he described as "pretty good".....

[Suburban Knight]

Mr Morgan is talking out of his arse! I've seen plenty of 1 bed flats (with or without parking) for £500 pcm or below, my 2 bedroom with parking is £650 - and that's only because I got it durig the summer peak season - there are plenty of bargains to be had if you're looking in the winter.

[Rob]

He's no doubt inflated the figures he's quoted in the article to talk the prices up a bit. However, this is definately good news on the whole that demand is increasing to soak up some of the empty units currently out there. There were comments earlier somewhere on this forum speculating that the rental makret was due to do well, as purchasers become thin on the ground.

[TonyYeboah]

The YEP website front page has a story about the "massive oversupply of flats in Leeds" on the same page as this "undersupply" story

Only in the YEP

[Electric_City]

If you missed the Radio 4 'The World Tonight' talk (mentioned the other week), it can now be found here, in .mp3 format.

For those with bandwith issues, this file is 16.5mb in size.

There are some differing views in the discussion, with at least one of the panellists being very optimistic about the current situation in Leeds.

[Leeds No.1]

It talks about a skybridge linking the two Lumiere towers at the top... new information or just untrue?

[SirCWilson]

Originally Posted by Leeds No.1

It talks about a skybridge linking the two Lumiere towers at the top... new information or just untrue?

Untrue.

[Electric_City]

Yes I noticed that the other week, when it was broadcast. The reporter must be getting mixed up about the atrium.

[JOliver]

Originally Posted by aviator

This from today's YEP:


[I]Leeds property sector enjoying boom

Boom it is, just look at this one-bed flat in Mabgate for just £3,649,848

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

[cmj]

Originally Posted by JOliver

Boom it is, just look at this one-bed flat in Mabgate for just £3,649,848

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

Bargain!

[Suburban Knight]

Originally Posted by JOliver

Boom it is, just look at this one-bed flat in Mabgate for just £3,649,848

http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

Who in their right mind would pay that??! Especially for somewhere on Mabgate facing the tower blocks.

[Baranelo]

Originally Posted by Suburban Knight

Who in their right mind would pay that??! Especially for somewhere on Mabgate facing the tower blocks.

I hope its a typing error and was meant to be £364,984.80 lol. even then that is still alot, but 3 point 6 million for any property anywhere in Leeds is a hell of a lot.

[Baranelo]

heres a better one in west park, over 400million pounds for a house http://www.rightmove.co.uk/viewdetai...a_n=1&tr_t=buy

im guessing they put it so high as its to be sold by auction

[Suburban Knight]

Seems that if you click on the brochure for the Mabgate flat it's actually £119,995, which is a bit more realistic! West Park Drive is nice, but not £400 million nice!

[cmj]

Originally Posted by Suburban Knight

Seems that if you click on the brochure for the Mabgate flat it's actually £119,995, which is a bit more realistic! West Park Drive is nice, but not £400 million nice!

It's odd how they got from £199,995 to £3,649,848 .. it's not like that's a typo!

[wiggleyleeds]

3.6 is for the whole block

[Suburban Knight]

Originally Posted by wiggleyleeds

3.6 is for the whole block

Bit daft if it is, considering only 1 flat is on sale.

[Wharfman]

Originally Posted by Rob

He's no doubt inflated the figures he's quoted in the article to talk the prices up a bit. However, this is definately good news on the whole that demand is increasing to soak up some of the empty units currently out there. There were comments earlier somewhere on this forum speculating that the rental makret was due to do well, as purchasers become thin on the ground.

Makes sense really. Residential values have been falling for some months
now (and not just for apartments). Generally people won't buy while ever values are still falling for fear of making an immediate loss on the deal. They'll wait until the property slump bottoms out. In the meantime they'll rent. This demand for rented property is pushing rentals up. It's an ill wind! If we're really lucky,as Rob suggests, it will lead to the soaking up the empty apartment supply and kickstart some new development (in my dreams!)