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Why York is a UK property investment hotspot

  • Overseas Property
  • Why York is a UK property investment hotspot
  •  |  October 30, 2020

The coronavirus pandemic has caused people in the UK and globally to take a long hard look at their lives and lifestyles, with working from home now commonplace.

There is a growing demand for green space and more rural locations as people who used to go into the office every day have found themselves working from home and wanting green space either at home or close by. Companies are not able to say that it isn’t possible to work remotely and so employees are hoping that working from home will become a more permanent arrangement, which means there is no requirement to live quite as close to work.

What this means is that people are looking to purchase or rent properties in places that were not typically commuter areas, and which offer a better life/work balance with green space.

York’s property market shows upturn

Property prices and rents in the historic UK city of York are showing higher than average rises as the city’s property market shows an upturn.

York is a major draw for buyers and renters due to its historic charm and its rail links to Leeds and London.

Visiting York is like stepping back in time, with its timber-framed houses and traditional shopfronts along the city’s well-known streets known as The Shambles giving it a unique charm all its own.

York Minster, one of the biggest cathedrals in Northern Europ

The towering York Minster is one of the biggest cathedrals in Northern Europe as well as being one of the most stunning gothic cathedrals in the world.

York, once called Jorvik, was once the capital of a Viking territory. The city’s Jorvik Viking Centre is a much-visited attraction where you can journey back in time and find out more about the past and immerse yourself in the sights, sounds and smells of the time.

The National Railway Museum is another great pull which covers 300 years of railway history and features one million train-related artefacts.

You can take a boat trip on the river or perhaps visit Bettys York and its famous Café Tea Rooms with gorgeous interiors inspired by the Queen Mary ocean liner.

You may like to take a ghost walk; the Original Ghost Walk of York was the very first ghost walk done in the world! This tour of the city after dark is one of the best ways you can learn about York’s past. Knowledgeable guides will take you down back alleys and into all the hidden places, telling you the tales of some of York’s best-known spooks.

You can also take a walk along the city walls which were built in the 13th century and are the longest town walls in England, stretching two miles on a mainly elevated route around the city. It takes about two hours to walk the total route, taking in stunning views of the medieval buildings, river, rooftops and ramparts along the way.

For anyone with a sweet tooth, York is a real find! Two of the world’s largest chocolate brands, Rowntree’s and Terry’s, were founded in the city and chocolate has been made here for over 300 years. Any chocolate-lover should visit York’s Chocolate Story; here you will learn the history of chocolate making in the city and have the opportunity to sample a selection of yummy delicacies before finishing the tour in the Chocolate Bar.

It really is a gem of a city and it’s easy to see why people are being attracted to live here. The evidence shows how popular York is as a place to live and for people looking for buy to let property investments in the UK.

The average house price in York is now said to be £250,000, with prices rising by three per cent in the last 12 months – ahead of the UK national average of 2.5 per cent. Research shows that demand for homes in the area is up by 28 per cent since last summer.

York house prices have risen cumulatively by 19.4 per cent over the last five years; this is above the UK average of 18 per cent.

This is all good news for property investors investing in York property and there is great news for buy to let investors investing in buy to let property in York.

Rents and tenant demand up in York

The lettings market in this beautiful historic city is following a similar pattern to sales. Rents and tenant demand are up with annual rents rising by 4.5 per cent from July 2019; this is one of the strongest rates of growth across the UK. The number of properties to let has gone up by 11 per cent in the last year, while there has been a 12 per cent increase in tenant demand.

In addition, the short-term let market thrives in York. Being steeped in history and beauty it is rightly so a popular tourist destination.

A recent article in The Guardian newspaper says that York is the UK city seeing the biggest number of enquiries. It states that the number of people who live in London that now want to rent a place in the North Yorkshire city instead is 26 times higher over this time last year. The train journey from York to London takes just two hours.

Of course, choosing to move areas is a massive change and one that needs careful consideration. There are things to consider, such as what are communications like? York is great for this; in the heart of the UK it’s one of the country’s best-connected small cities. York is pioneering CityFibre’s first city-wide full-fibre infrastructure project and is their UK flagship Gigabit city.

Council offices, schools, businesses and homes all benefit from a unified full-fibre network as part of a joint venture connecting people across the city to access speeds up to 100 times faster than the UK average.

You want to know what your commute is going to be like. York is just 20 minutes from Leeds and less than two hours from London, Manchester, Birmingham, Liverpool and four international airports. York’s local public transport system links the city centre with the surrounding suburbs. With miles and miles of scenic cycle tracks, York is a fabulous city to explore and enjoy on your bike. If you need to walk to work in York, you can get from one side of the city to the other in just 20 minutes.

Is York good for education and employment? With more than 24,000 students across York’s two universities, the city offers unparalleled access to Higher Education. The University of York has become one of the world’s leading universities, carving out a reputation as an academic powerhouse. The major employer in York is the City of York Council as well as British Telecom, Nestle and Network Rail. Boris Johnson has also confirmed that Downing Street is thinking of setting up a Government Hub in York.

If it doesn’t work out and you want to move back to a larger city will you be able to do this easily. Property in York, both to buy or rent, is very popular and this will make a move easier and potentially more lucrative.

So, York is a great place to move to, whether to buy, rent or invest in a property; the city has been named the best place to live in Britain.

If it’s a buy to let property investment in York you are looking for, a newly launched luxury development in a prime location is the perfect choice.

Great buy to let property investment opportunity in York

York’s massive appeal as a city and as a place to live make luxury development, The Gasworks at York, the perfect buy to let investment opportunity.

The Gasworks is a perfect example of living and nature combining to offer a stunning, green environment close to the city centre.

The Gasworks, which is located just a few minutes from the centre of the historic city of York, is York’s most iconic city centre residential development located within nine acres of carefully landscaped grounds including an edible garden. It features 215 apartments each finished to the highest specification, including studios, one, two, three-bedroom and duplex apartments.

Residents at The Gasworks, which offers a new standard of luxury living, will be living the dream with on-site facilities including a coffee shop and deli, gymnasium providing studio classes and personal training, private dining, hot desk spaces to be able to work from home, sky lounge and gated 24-hour security. Parking is available for specific apartments.

The Gasworks offers great amenities and is the ideal location where everything you need is easily accessible by walking or driving. The University of York is just a 29-minute walk/6-minute drive; bars and restaurants are 2-minute walk; the city wall and old town is just a 3-minute walk and the train station is a 29-minute walk or a 10-minute drive.

The Gasworks is a sound property investment opportunity, with prices starting from £199,950, NET yields up to 4.46 per cent for long let and 11.23 per cent for short let.

With strong rental demand in York, both for long and short-term letting, it’s good to note that The Gasworks offers leases permitting short-term letting. It’s difficult to find apartments with this option, so for investors in buy to let property this is a great find.

York is a massive tourist hot spot and short-term lets are much sought-after.

Contact leading UK property investment company ERE Property to find out more about The Gasworks in York.

Tel: +852 6348 9813, Email: info@ereproperty.com

Add: 44/F., Champion Tower, 3 Garden Road, Central, Hong Kong

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