HOUSE PRICES
Leeds council says employment in the city grew by 14.2 percent between 1998 and 2008, higher than the national figure of 11 percent. Over the next decade, Leeds is forecast to continue beating the national figure for jobs growth.
Signs of wealth can be seen in the luxury stores such as Harvey Nichols and Louis Vuitton, the Bentley parked near the city centre and the busy bars and restaurants along Greek St.
Insurance adviser Richard Brown, 34, said: "I think house prices are going down just like anywhere else really I don't think it's a particular concern for most people."
Many residents believe, however, that the extensive building of smart new apartments in the city centre has been overdone, leaving them vulnerable to a fall in the property market.
"Undoubtedly, it's going to be a bubble that's going to burst and whether that could harm the local economy or not remains to be seen," said David Oakes, 54, who works in financial services.
Property prices in Leeds dipped 2 percent in the first quarter of this year compared with a year earlier, building society Nationwide said this month.
A local newspaper reported on Friday that plans for a 24-storey tower, the centrepiece of a 160 million pound ($317 million) Leeds regeneration scheme, had been scrapped, a victim of the property market slowdown.
Yet house prices in the city are up 162 percent over the last decade and the city's politicians are divided on the severity of the economic challenge ahead.
"The big local issues are about making sure that Leeds weathers the economic downturn," said Andrew Carter, the Conservative leader of the council.
But Keith Wakefield, leader of the Labour group, played down the fears. "Okay there are some investment decisions on hold, but we are a city still very much growing employment opportunities," he said.
Leeds was governed by Labour for 24 years until 2004. Since then, Conservatives and Liberal Democrats have governed in coalition, with Labour still the largest single party.
