Few cities in the UK can lay claim to the same architectural beauty and historical appeal as York. The ancient city is the jewel of North Yorkshire and home to just over 200,000 people, a population which is comprised of a healthy mixture of young professionals, families and students.
The variety of Victorian terraces, heritage properties and more modern apartments certainly gives York a different feel compared with neighbouring Bradford, Leeds and Sheffield. This makes it a great option for buy-to-let investors with a more eclectic taste. If you’re thinking about investing in a property in the York area then this is the guide for you!
Overview
As one of England’s most iconic Roman cities, York boasts a fascinating history that over the past millennium has seen it grow from a small but successful textile town into a centre of trade and cultural significance.
Ancient city walls, medieval architecture and renowned landmarks – such as York Minster, Clifford’s Tower and The Bar Walls – all combine to form the backbone of a city that attracts over 6.9 million visitors each year. The city’s legacy as an international centre of textile and confectionary manufacturing can still be felt through its listed Victorian architecture and countless restoration projects.
Aside from its historical charm, York is also home to two prestigious educational institutions, the University of York and York St. John University. The universities draw a large student population and create a constant need for student accommodation and rental properties. And after graduation, they provide a regular, reliable supply of young professionals for the city.
The city is also growing as a hub for industries such as technology, finance and creative sectors – attracting skilled professionals seeking housing options all year round. It offers a truly diverse range of cultural events, festivals, and a thriving food and drink scene.
The city’s heritage makes it an attractive tourism destination, with over 8.4 million visitors yearly. York’s tourism industry supports 24,000 jobs in the city and generates £765 million for the local economy, according to data from Make It York.
The vibrant tourism industry and cultural scene create a steady demand for rental properties, providing a lucrative opportunity for new and seasoned investors alike. You’re unlikely to find a city with such a welcoming atmosphere and quality of life, making it an appealing destination for tenants and ensuring a steady demand for rental properties.
Why is York a good choice for property investors?
Over the last year, the average price of a property in York was just over £344,965 according to data from Rightmove (as of July 2023, this may have changed).
The strong demand for high-quality rental properties in the city has been rising quickly over the past 5-10 years, providing investors with a favourable climate for strong rental yields and house price growth. In fact, recent stats suggest that York ranks among the cities with the quickest rental appreciation anywhere in the country.
The city’s strategic location in the heart of North Yorkshire is another attractive benefit. York city centre has superb transport links, with direct rail connections to major cities like London, Manchester, and Edinburgh. In fact, York is situated almost exactly in-between London and Edinburgh, making it an ideal destination for commuters, professionals, and tourists alike.
The local council has also been proactive in fostering growth and infrastructure development in York. Initiatives such as the York Central project, which aims to transform a vast brownfield site into a vibrant mixed-use neighbourhood, only further enhance the city’s appeal. These ongoing investments contribute to the continuous development of York’s property market, creating favourable conditions for buy-to-let investors.
If you’re currently thinking about property investment in York, feel free to get in touch with our team to discuss your options.
Types of York Property Investment
Buy To Let in York
There are plenty of reasons why buy-to-let investors should be interested in York as an investment property opportunity. The eclectic mix of properties means you can find something to suit all budgets and tastes, from the quaint city terraces originally built for the Rowntree’s factory workers to large detached family homes with mature gardens and city centre flats.
Given that the demand for rental opportunities in York is always high, you’ll likely never have a shortage of potential tenants. Many buy-to-let property investors also like the idea of becoming part of a city with such history and cultural appeal – something which is bound to strengthen even further in years to come.
Student Property in York
Alternatively, buyers could consider investing in student accommodation in York. Between the University of York and York St. John University, the city attracts close to 30,000 students every single year. Many decide to stay and work in the city following graduation, which creates a steady stream of young professionals along with a new influx of students each year.
York’s student rental market is well-established, which means there are plenty of property management services available that specialise in managing student properties. This is a great advantage for landlords who are looking to entrust the management of their student property to professionals and remove the stress of dealing with day-to-day responsibilities themselves.
Top 5 Buy-To-Let Areas In York
So, which are the best postcodes to consider when looking for a sound investment in York? Let’s take a look at a few different hotspots for buy-to-lets in the local area.
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YO1 – York City Centre, Micklegate
The city centre is highly sought after due to its historical charm and close proximity to York’s major historical attractions. Properties in this area tend to appeal more towards working professionals and families who want convenient access to amenities, shops, restaurants and cultural attractions.
YO1 is where you’ll find Micklegate – a vibrant neighbourhood which has a mix of residential and commercial properties with plenty of character. This includes period townhouses, apartments and some sporadic student accommodation. Again, residents benefit from the easy access to the city centre and the train station, making it attractive to commuters.
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YO10 – Fulford, Heslington
The areas of Fulford and Heslington are hotspots for student rental properties, and both are within walking distance of the University of York and York St John. YO10 has plenty of supermarkets, shops, cafes, recreational spaces and many more amenities valued by the local student community.
Properties in YO10 are attractive in terms of property value growth and consistent rental income, largely due to the strong student market, ongoing development projects and the desirable location close to the university. Investing in this area can provide you with the opportunity to build equity and benefit from property appreciation over the long term.
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YO30 – Clifton, Bootham
Situated to the north of the city centre, YO30 covers the neighbourhoods of Clifton and Bootham, both of which appeal to a range of tenants, including families and working professionals. It’s another prime destination for student living and HMOs, particularly those looking for off-campus accommodation in nearby areas.
Bootham also benefits from its location to York’s general hospital, which creates stronger rental demand from hospital staff looking for a quick commute to work. Clifton has plenty of mid-priced properties and housing developments built around the 1980s.
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YO31 – Tang Hall
Tang Hall offers a range of cost-effective housing options compared to some other areas in York. This affordability can make it more accessible for first-time buyers and investors looking to enter the property market. The lower property prices and potential for ongoing investment by the local council promise strong rental yields and good value for money.
The area is well-served by schools, community centres and sports facilities. Residents in YO31 also enjoy excellent transport links, including bus services and nearby train stations, providing convenient links to the city centre and beyond.
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YO23 – South Bank, Bishopthorpe Road, Copmanthorpe
South Bank is just to the south of the River Ouse and home to the now-closed Terry’s Chocolate Works, where for years it manufactured famous products like the Terry’s Chocolate Orange. Located near the factory is York Racecourse, which forms part of the larger Knavesmire near Tadcaster Road, and the Millennium Bridge, which links South Bank to Fishergate and Fulford on the other side of the river.
Many of the terraced houses formerly occupied by factory workers remain, as does the sense of community spirit and family-friendly environment.
Thinking about buy-to-let investment properties in York?
If you’re weighing up your options around the York area, feel free to get in touch with our friendly team to discuss your situation and main objectives for your next investment.
We’re here to help you source and purchase exceptional buy-to-let properties in an ethical manner, at no extra cost. We draw on years of experience supporting investors across Yorkshire and beyond.
