Landlord Voice Magazine February 2016 - Leeds

m o r f d r o w a the editor I n the Victorian periodical All the Year Round Charles Dickens once wrote Leeds was a ‘forest of tall chimneys lifting their heads above a canopy of black smoke’ and described his frustration at not being able to buy a pen-knife - the city’s chief industry at the time being linen and other soft goods. This is not the case today. Instead of tall chimneys you will find smart office developments and though Leeds is still not noted for pen-knife production on a grand scale it is the UK’s third largest manufacturing centre – with that sector accounting for 8.8 per cent of employment in the city. But the country’s economy base has moved on a little since Dickens’ day and Leeds has moved with it. As is the case with many large cities, Leeds’ finance service industry has overtaken its industrial roots and in this case has become the largest one outside of London and is home to around 150 law firms – many of which specialise in corporate finance and insolvency, trade and investment and commercial litigation. It has the second-highest number of expanding businesses outside London and the fastest year-on-year private sector jobs growth of any city in England. And like any competitive economy these days it has an established creative industry – perhaps one of the more established when compared with other regional cities with a large number of software developers including Activision and Rockstar Leeds based there. But it’s not all work, work, work. The ‘capital of the north’ has the UK’s fourth largest student population and its streets are packed with pubs, bars and clubs. And if culinary variety is more your cup of tea you will find world-class cuisine all within easy reach. Leeds’ cost of living is ranked as 20 per cent lower than London by cost of living website Numbeo but property prices have shot up in recent years. Our City Snapshots and In Numbers sections will give you an idea of how much you will pay for bricks and mortar at the moment. And while on the subject of bricks and mortar, back in December Storm Desmond proved how fragile they can be so we chat with insurance claims expert Dave Walker. You might not be aware, but it costs £33,500 to bring a property back to a decent state of repair after flooding. So Dave shares his tips for protecting your nest-egg and helping your insurers bring it back into service for your tenants as quickly as possible. In this month’s news round-up the Government faces yet more flack over its housing policy. Leading the charge is Cherie Blair, with a legal challenge to George Osborne’s tax relief cuts. Meanwhile, the Council of Mortgage Lenders has urged Westminster to re-think its 3 per cent stamp duty increase with a warning that this will only worsen the housing crisis. And if you are wondering what impact the Right to Rent regulations will have on you now they have been rolled-out countrywide, the answer is very little if statistics from the 12-month pilot are anything to go on. Ben McVay Ben McVay Landlord Voice Editor 2 | LandlordVoice | February 2016 CONTENTS Landlord News • Cherie Blair calls on European Law in tax relief fight. p4 • Stamp duty plans labelled overkill. p7 • Is right to rent really necessary. p8 Leeds • City snapshots: Leeds residential areas and what is attracting investors. p10 • In Numbers: a closer look at the cities property and rental market. p14 Expert Opinion • Landlords and flooding: saving what you can on a rainy day. Interview with Dave Walker - Claims Manger for Simple Landlords Insurance. p16 February 2016 | LandlordVoice | 3

Landlord Voice Magazine February 2016 - Leeds | Page 2