The city of York, in the UK has a long and illustrious history. It became a permanent settlement in 71AD, when the Romans arrived in the area. Just 20 years later, it was important enough to be considered a city.
From that point on York never really looked back. It has continued to grow, and evolve. Today, it is still an important city, which is why it is a good place for people to consider buying investment property.
Rising rents
During 2015, rents, across the UK, have continued to rise, but in some areas of York, they have risen by as much as 26%. Average rents in the city were already high, but they are now even higher. Typically, an investor can expect to secure £158 more per month for an average sized property than in the rest of the UK, excluding London.
York is an affluent city
The fact that unemployment in the York area is low means that there is a large pool of potential tenants, who can reliably pay their rent. In addition, there is a huge student body, of around 31,000, that attend the city’s university, which provides property owners with another group from which to profit. Because students usually share, it is easy to fill multi-occupancy properties that typically provide a higher than average rate of return.
Tourists are a third group of people that investors can potentially target. Every year, between six and seven million people visit the city. Importantly, they do so throughout the year. Most of them opt to stay in York itself, or nearby towns and villages.
Further growth is expected
The good news for potential investors is that the population of the city is expected to continue to grow. York has been recently declared an Enterprise Zone. The city has been voted as European Tourist City, and the university is expected to continue to expand over the next few year. All of this means that it is highly likely that the population of the city will continue to rise. You can read more about the forecast growth, here.
It is still possible to buy with a low budget
Interestingly, despite all of the above it is still possible to pick up properties, in the area, for as little as £120,000 ($148,000). This means that it is relatively easy for the small investor to find an affordable property to buy in York. New developments are planned for the area, but it will take several years before they are built, and are added to the pool of properties that potential tenants can rent.
If you are interested in investing in the area, we would recommend that you get in touch with a firm like Linley and Simpson York. For more than two decades, this agent has worked in the city finding properties for both private and investment buyers. They also offer a full property management service, which is important for investors who do not live in the area.