Why invest in property in York?
Few cities in the UK offer investors the opportunity to own a buy-to-let property in a location with such strong demand for both long-term luxury homes and quality short-term rental accommodation. York has a population of around 200,000 and 8.4 million tourists visit each year.
Another key reason to consider investing in York is that the city has several universities including the highly regarded University of York and a thriving economy with world-leading biotech and agri-food research centres and a highly educated workforce with almost 50% holding a degree or equivalent, to add to its many accolades for being the best place to live in the United Kingdom.
Short lets in York
Tourism plays a huge role in York’s economy with over 8 million visitors each year. It is estimated that £765million is generated by York’s tourism sector each year and that 24,000 jobs are supported by tourism – a vast contribution to the economy.
One of the primary reasons many tourists flock to York, together with the museums and festivals, is to marvel at the truly stunning architecture, and fine examples of multiple eras; from The Shambles, one of the best-preserved medieval shopping streets in Europe to York Minster, one of the most magnificent cathedrals in the world that dates to the 7th century.
To add to the many attractions and points of interest within York’s city walls, local residents and visitors enjoy proximity to the glorious Yorkshire Dales, North York Moors and the Wolds.
York Property Market
Having been long-ranked as one of the best places to live in the UK and as one of the most desirable places to live in Yorkshire and the Humber, York has experienced considerable demand for property over an extended period, building a solid foundation for future growth.
York’s popularity as a place to live has grown considerably over the past few years as many chose to relocate to areas that offered a better work-life balance, and York was high on the list.
As a result, prices have grown by 14% since 2019 and with the continued demand far greater than the supply of homes, property prices in York are forecast to grow by 18.8% over the next 5 years according to real estate agent Savills.
Rental property investment
Not only does York appeal to long term residents and command excellent rental returns for those who own traditional buy-to-let property in York, but the city offers an exciting prospect on a short-let basis.
Just a handful of buildings across York have been granted approval to be let on a short-term basis meaning these properties can demand a premium from visitors. In 2022, one boutique development is reported to be achieving up to 13% NET yields via short-term lets, with average occupancy rates of 85%.
York is a beautiful, historic city in the North East of England surrounded by luscious countryside, several National Parks and a stone’s throw from the coast.