Exploring York's Property Market: A City of Charm and Investment Potential

York, a historic city in Northern England has it all - rich history, stunning architecture, and a thriving restaurant and bar scene. But in recent years, it has also become a hotspot for property investors and homebuyers. York is a city on the rise, with a growing economy and an abundance of high-quality employment opportunities. In this article, we'll take a closer look at the current state of York's property market and what it means for those looking to buy or sell a property in the city.

Population & Property Market

Over the past decade, York's property market has experienced a significant rise in prices. The demand for property in York is high due to a lack of new homes being built and a steadily growing population. According to projections, York's population is expected to grow by over 9% by 2040, with more than 22,000 students living in the city each year. As a result, the average property price in the city is over ￡303,000, with growth in house prices expected to be higher than the national average.?

This increase in prices is partly due to the city's growing population and demand for housing, as well as its status as a desirable location for both residents and investors. JLL projections show house prices in the city could rise by an additional 16% by 2026.

Why Live in York?

Quality of life in York is one of the finest in the country, with a growing economy providing high-quality jobs and career prospects. The city's central location in Yorkshire also provides easy access to the countryside and London. But beyond its practical benefits, York is a city of enchanting delights, with medieval streets, the breathtaking Minster, and a vibrant culture. Living in York means experiencing a quality of life that is unparalleled.

Investing in York's Property Market

Despite the rise in prices, many property investors are still flocking to York to purchase properties. The city's strong rental market, which is driven by its large student population, makes it an attractive location for buy-to-let investors. Additionally, the city's historic buildings and architecture make it a prime location for developers looking to convert old buildings into high-end apartments or hotels.

The Impact of COVID-19 on York's Property Market

Like many other cities in the UK, York's property market was affected by the COVID-19 pandemic. In the early months of the pandemic, the city saw a decrease in property sales and viewings due to lockdown restrictions. However, as restrictions eased and the vaccine rollout began, the market began to pick up again. Some experts predict that the pandemic may have actually increased demand for properties in York, as more people are looking to move away from larger cities and into smaller, more rural locations.

Economy

York is one of the North of England's economic hubs, specializing in high-tech engineering, creative and digital media, and professional services. The city has one of the UK's largest and most developed visitor economies, with an economy valued at ￡4.8bn GVA and projected to grow by 2.5% a year for the next 15 years. More than 6,600 businesses can be found in the city, providing ample opportunities for job seekers.

Final Thoughts

Overall, York's property market is a complex and ever-changing landscape, influenced by a unique mix of history, culture, and economic opportunity that makes it an attractive location for both residents and businesses. The city's growing population and demand for property underscore its position as a city on the rise. With projections indicating further growth and prosperity, York is a city that should be on everyone's radar. For those looking to invest in or purchase a property in York, there are certainly opportunities to be found. With the right research and guidance, investors and homebuyers can navigate the market and find the perfect property in this historic and charming city.

Don't miss out on this exceptional investment opportunity! Contact us today at 0345 86 86 868 or email us at [email protected] to learn more about York Property and get your brochure.?