The city of York has the hottest residential property investment market in the north of England, according to a leading Yorkshire estate agent.
James Baker, director of the award-winning Preston Baker property consultancy, believes that a combination of factors means that York is a prime target for property investors from across the UK.
Mr Baker said: “There’s no doubt that York’s residential property market is currently hugely attractive to investors. It’s a beautiful city, of course, with more tourists visiting York than any other city in the UK, apart from London. Meanwhile the wonderful Yorkshire Dales and the stunning coastline are less than an hour’s drive away.
“It is also very accessible, with London less than two hours away by train and Yorkshire’s superb motorway network close by. Throw in some of the UK’s best state and private schools, top universities, a thriving business community, a brilliant arts scene and first-class health provision, and you have the perfect place both in which to live and to invest. The staycation boom means that demand is now outstripping supply.
“There are a number of extremely attractive new residential developments across the city where it is apparent that only a few owners are buying for themselves to live in. Many are purchasing for buy-to-let investment reasons. Lenders are more relaxed as we emerge from the pandemic, which is a major bonus.”
A classic example of the York investment boom is the popular St John’s Mews development, close to the city centre and the Bar Walls. Caedmon Homes has developed 29 high-quality apartments here on the site of the former Groves House Care Home. The one, two and three-bedroom apartments are available for immediate occupation. Twenty one have already been sold, with seven deals completed in the last couple of months.
Mr Baker added: “The available one, two and three-bedroom apartments range in price from £250,000 to £450,000, with the most prestigious three-bed apartment boasting the most fabulous views of York Minster and the beautiful city of York. Predicted net annual profits, based on 70 per cent occupancy, range from £19,000 for the £250,000 apartment to £35,000 for the £450,000 penthouse suite.”
Teacher David Taylor, who has bought at apartment at St John’s Mews, said: “Location has always been the most important thing when I have been looking to purchase a property. As soon as I saw the Caedmon Homes development at St John’s Mews located within easy reach of York city centre I was very interested in purchasing an apartment.
“It also appealed to me being a unique, smaller development by a more bespoke developer. I was even more impressed after viewing at the build quality and standard of finish, not just in flooring, walls and woodwork but also on details such as wi-fi heating and lighting control systems and appliances.
“During the purchase process the communication between myself and Caedmon Homes was excellent and made choosing final finishes to my requirements a simple process. Finally having the use of a handyman at no extra cost for an afternoon was a very thoughtful touch to make moving in easier.”
Chris McLuskie, a media consultant, said: “I bought an apartment at St John’s Mews as an investment via holiday lettings and it certainly hasn’t disappointed. The quality of the finishes in the apartment, as well as the central location, has had the bookings full up since I took it on. The return on investment already has been brilliant.”