York City Property Investment Guide

Investment Guide 2022

YORK

2

Y

ork 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.

Located halfway between London and Edinburgh and widely regarded as one of the best places to live in the UK, York offers residents an excellent quality of life. The historic architecture alone is of huge appeal to the millions of visitors who travel to York each year.

3

Why York

C

onsistently voted as one of the

York has several universities

most affluent and most desirable

including the highly regarded

cities in the UK, York has strong

University of York and a thriving

credentials as an investment hotspot

economy with world-leading

and one that is yet to realise its full

biotech and agri-food research

potential, especially when considering

centres and a highly educated

short-term rental prospects.

workforce with almost 50% holding a degree or equivalent, to

Few cities in the UK offer investors

add to its many accolades for

the opportunity to own a buy-to-let

being the best place to live in the

property in a location with such strong

United Kingdom.

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.

4

5

6

Tourism

7

8

Originally founded by the Romans in

currently very limited

71 AD, York’s rich and diverse

accommodation available to house

history means the tourism sector is

what breaks down to be 173,000

one of the city’s core foundations. It

visitors per week. It is estimated

is one of the oldest cities in the

that £765million is generated by

country and boasts incredibly well-

the tourism sector each year and

preserved historical buildings.

that 24,000 jobs are supported by tourism – a vast contribution to the

According to Visit York, 8.4 million

economy.

tourists visit the city each year, 289,000 being overseas visitors, and

York has 30 world-class museums

it is estimated that 20% of the city’s

including Jorvik Viking Centre,

visitors rely on short-stay

YorkMuseum and Gardens, York

accommodation – though there is

Castle Museum, National Railway

9

Museum, a famous racecourse that

multiple eras; from The Shambles,

has 13 major events in its calendar

one of the best-preserved medieval

and a thriving cultural scene with

shopping streets in Europe to York

numerous events and festivals held

Minster, one of the most

throughout the year including the

magnificent cathedrals in the world

magical Christmas markets which

that dates to the 7th century.

run for 6 weeks annually.

To add to the many attractions and One of the primary reasons many

points of interest within York’s city

tourists flock to York, together with

walls, local residents and visitors

the museums and festivals, is to

enjoy proximity to the glorious

marvel at the truly stunning

Yorkshire Dales, North York Moors

architecture, and fine examples of

and the Wolds.

10

11

12

Regeneration

13

There are several substantial

Not only are these transformative

investments well underway in York

projects drawing a new generation

which are transforming parts of the

of young professionals and

city and boosting the local economy.

international students to the city but together they are set to create

Projects include the expansion of

more than 10,000 jobs and add

the University campus, the £77m

more than £3bn to the city’s

railway station regeneration, the My

economy.

City Centre transformation project and the landmark 10-year BioYorkshire research facility.

14

15

16

York

PROPERTY MARKET

17

Having been long-ranked as one of

together with the superior

the best places to live in the UK and

education on offer from top schools

as one of the most desirable places

to respected universities, excellent

to live in Yorkshire and the Humber,

transport connections and being

York has experienced considerable

geographically a mid-way spot

demand for property over an

between London and Edinburgh.

extended period, building a solid

What makes the city stand out, and

foundation for future growth.

that draws millions of visitors each year is its rich and diverse history,

The York property market is

architecture and enviable position

supported by the city’s thriving local

surrounded by some of the

economy and the strength of the

country’s most beautiful

wider northern powerhouse,

landscapes.

18

19

20

York’s popularity as a place to live

with the continued demand far

has grown considerably over the

greater than the supply of homes,

past few years as many chose to

property prices in York are forecast

relocate to areas that offered a

to grow by 18.8% by 2025

better work-life balance, York was

according to real estate agent

high on the list. As a result, prices

Savills.

have grown by 14% since 2019 and

21

22

23

It’s clear that York is a desirable

be let on a short-term basis

place to live with long-term

meaning these properties can

residents and for investors, there is

demand a premium from visitors. In

certainly a strong case for

2022, one boutique development is

traditional buy-to-let in York. Still,

reported to be achieving up to 13%

perhaps one of the most interesting

NET yields via short-term lets, with

prospects currently available to

average occupancy rates of 85%.

investors is that York has a huge demand for short-term

Given the typically higher property

accommodation, and a very limited

prices in prime York locations, on a

supply of suitable properties to

traditional long-term let, properties

meet the demand.

in York can achieve around a 5% NET yield.

Just a handful of buildings across York have been granted approval to

24

25

26

York

PROPERTY INVESTMENT

27

For those seeking to grow a diverse

short-term accommodation. As a

portfolio that offers the potential

long-term prospect, with York

for an exceptional blended return of

consistently being voted one of the

both capital growth and strong

best places to live in the country

rental yields, York should absolutely

whilst undergoing notable

be a consideration.

regeneration, this city has much to offer to the astute investor.

Few cities in the UK appeal so greatly to tourists and record such

Get in touch to learn more about

large, and growing, visitor numbers,

investing in York.

whilst having such low availability of

28

29

London

office

info@thirlmeredeacon.com + 44 (0) 2039507939 Lansdowne House, Berkeley Square, Mayfair, London, W1J 6ER

Dubai

office

dubai@thirlmeredeacon.com +971 (0) 4 818 7277 Floor 30, Oberoi Business Centre, Business Bay, Dubai, United Arab Emirates