Investment Guide 2022
YORK
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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.
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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
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Tourism
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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
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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.
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Regeneration
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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.
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York
PROPERTY MARKET
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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.
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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
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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
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York
PROPERTY INVESTMENT
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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
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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