YORK has the hottest residential property investment market in the north of England, according to a leading estate agent.
James Baker, director of Preston Baker property consultancy, believes 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,” said Mr Baker. “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.”
Mr Baker said that one example is the St John’s Mews development in the Groves where Caedmon Homes have developed 29 apartments on a former care home site. The one, two and three-bedroom apartments are available for immediate occupation. 21 have already been sold, with seven deals completed in the last couple of months.
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 St John’s Mews was in easy reach of York city centre I was very interested in buying.
“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.”
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.”