York’s property market update
Located in North Yorkshire, yet less than a two-hour train ride from London King’s Cross, York is brimming with fascinating history and boasts plenty of aesthetically-pleasing attractions.
From the iconic York Minster, exquisite architecture and cobbled streets to a vibrant café culture, art venues and fine dining, York has it all. Well known for its Roman and Viking connections, York is also famous for confectionary - Terry’s, Rowntree and the eponymous York Fruits all originated in the city.
As with many historic cities, York is divided into quarters. The Bootham area is renowned for its character-packed period townhouses while Westgate is at the other end of the property spectrum, dotted with brand new apartments. Friars Terrace and anywhere along the River Ouse will always remain in vogue thanks its waterside position, while Clemethrope was earmarked as one of the ‘coolest places to live’ in the UK by The Times. Badger Hill, Clifton, Osbaldwick, Fishergate, Fulford, Heslington, South Bank, Tang Hall, Melrosegate and The Groves are some of the other residential areas buyers and tenants can choose from.
Living in the shadow of one of the world’s grandest Gothic cathedrals can come at a price. Although York has an overall average price of £273,579, according to Rightmove’s most recent data, you can expect to pay almost £2 million for the biggest, most luxurious residences in the city centre, and over £1 million for the smartest apartments – especially if they enjoy views of the minster. Rightmove also reports that although house prices in York have been stable for the past year, they are 7% up on values seen in 2016.
Outstanding educational institutions, such as the University of York and York St John University, head up a myriad of excellent educational establishments in the city that keep the student lets market busy with tenants. As well as undergraduates, there is a strong relocation market in York, underpinned by local companies including AVIVA, Nestle, Hiscox, Shepherd Building Group and Alston, as well as the York Science Park.
In fact, York was named as the best location in the UK for a mix of secure rental income and good rental growth, beating South Gloucestershire and Bristol into second and third spots, respectively. The findings, by lettings management platform Howsy, cited York’s rental growth of 38% over the last five years and a super-high employment rate of 78.4% as cornerstones of the perfect buy-to-let conditions. Website Home.co.uk currently has the average monthly rent in York at £951, with twice as many two-bedroom properties to rent than any other bedroom type.