York is one of the most beautiful cities in the country. It has a relatively well-off population, and it’s the capital of Yorkshire, the UK’s largest county.
There’s also world-renowned York Minster, the fact that it’s a Roman, walled city; there’s the race course, a thriving cultural scene and the UK’s national train museum if you’re so inclined. As well as all that, York is an old Viking city too, so features the brilliant Jorvik Viking Centre and the stunning medieval, Shambles shopping area, and of course, Bettys tearoom.
York makes it into The Telegraph as one of the best places to buy to let with the highest growth in rents at just over 25%. With an average rent in the city of £901 per month, York is especially popular with young people – it has an average age of 39.5 years. If you’re looking for long term growth and a solid investment, York’s plethora of interesting housing stock and growing population may be just the thing for you.
Why not York?
York is one of the more consistently expensive cities in the country. It’s also not the best place to be a car owner if you choose to live in the city centre – where there happens to be a lot of housing. Because of its compact size, York is very walk-able and it is certainly easier to get around by foot and public transport than it is to navigate the roads with a car. The final gripe that crops up again and again concerning York, is the incredibly healthy tourist problem. York attracts tourists, lots of them, and year-round but especially in the summer. If you are buying-to-let all of this may not bother you of course. What might concern you is that York, being on the banks of the river Ouse, is prone to flooding and does so every year. Take this into account by avoiding flood-prone areas or stock next to the river and you should be fine.
So where should you look to invest?
Tang Hall has become a fairly notorious area of York but has a good mix of students and low-income families. This means it is a high rental area and offers properties for sale at the lower end of the price bracket. A lot of people don’t have many nice things to say about the area. Then again, there are just as many people who do. Often, areas like this make ideal locations when you’re looking to buy-to-let.
Bishophill is positioned inside York’s walls and so occupies a central position. This means it’s a great bet for renting to young professionals who want a city centre in walking distance, with good access to the train station for commutes to other nearby cities like Leeds.
With any university town, buying-to-let with the student market in mind is a safe bet. Heslington is very popular with the student population because of its proximity to two colleges and a study centre. Stand out highlights of the area appear to be Brown’s Sandwich shop and the Charles pub – both big hits with students.
York has plenty to offer investors of all shapes and sizes. From luxury apartments, to traditional family homes and student lets, York’s reputation as a highly desirable place to live means its rental market is likely to rise substantially over the next decade. As ever, make sure you do your research before you leap in to this growing market.