York: A City with a Glowing Reputation and Great Investment Potential

York is a beautiful and vibrant city, rich in history and culture. It has recently been heralded as ‘Best Place to Visit in the UK in 2024’ by Condé Nast Traveller, and it regularly appears in lists of friendliest and most welcoming places to live. Its glowing reputation and its abundance of green spaces, museums, and intricate architecture makes York stand out as an excellent choice for property investors, but how does it fare within the UK’s changing market? Here’s why we think there is a great amount to gain from investing within York in 2024.

A Rise in UK House Sales

There has been a noticeable increase in the rates of agreed sales and the supply of properties in the UK within the last year, rising by 8.35% and 13.95% respectively. This coupled with a decrease in inflation and in mortgage rates has brought more sellers and buyers to the property market compared to January 2023.

The Drift Towards a Balanced Market

Compared to 2021, which was an extreme seller’s market at an average of 65% across all York postcodes, we are drifting closer towards a more balanced market. In 2023 this percentage decreased to the mid-to-high-40s - still a seller’s market, albeit a weaker one. So far in 2024 this figure is sitting at 41%, leaning towards a balanced market. Although this means properties may stay on the market for longer, it presents ample opportunities for favourable deals.

Steady House Prices

Although there is a resurgence within the property market, house prices are likely to remain steady. The battle against interest rates still remains, as they are relatively high despite the recent decrease, but the increase in activity within the market as a whole is predicted to result in a higher number of properties being sold.

Strategic Thinking

A thorough understanding of the property market is important to ensure you can make a profit. Marketing and pricing are the main factors to focus on when selling or renting your properties, as it’s imperative to ensure that your property stands out to potential buyers or renters?as the competition increases. Buying in a balanced market gives you more power to negotiate, presenting opportunities to grab deals that would not be possible in a seller’s market.

In conclusion, the changing property market within York has the potential to work out favourably for investors, however it will require patience, strategic thinking, and a deep understanding of the market. York’s standing as an exciting and cultural city with a fantastic reputation means there will always be buyers looking to enter the market, making it one of the best places to make your investment.