Property in York offers a compelling investment case. York, with its rich history and vibrant cultural scene, consistently attracts both residents and tourists, boosting demand for housing.
As of 2024, the average house price in York stands around GBP325,000, reflecting a stable growth trend. Over the past five years, property values in York have increased by approximately 10%, making it a promising market for long-term investments. This price stability is underpinned by York's desirable location, excellent transport links, and strong local economy.
The average monthly rent for a two-bedroom property is about GBP1,150. This figure has seen a steady increase, driven by a growing population and a limited supply of rental properties. The city's rental market benefits from a high demand from students and professionals, particularly in areas close to the University of York and York St John University.
With its appealing lifestyle, historical charm, and solid economic fundamentals, York represents a prime location for property investment, offering both capital appreciation and strong rental yields.
You can invest in York real estate with as little as GBP75,000 with IP Global.
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York is a prime location for property investment, characterised by its strong educational influence and significant strategic economic initiatives. The city's economy is fuelled by the continuous influx of talent from two major universities—the University of York and York St John University. This academic prowess supports key sectors like research, development, and innovation, positioning York as a leading knowledge-driven economy in the UK. Looking ahead, York is set to further its autonomy and local governance with the election of its first-ever mayor in 2024, enhancing its ability to drive local development initiatives.
York's commitment to regeneration and economic growth is evident in projects like the York Central development, which aims to transform underutilised land into a vibrant new residential, commercial, and cultural district, providing property in York city centre. This project, among others, is set to boost the city's economic output and provide new opportunities for investment and growth. These initiatives reflect York's strategic approach to leveraging its historical assets and academic base to attract modern industries and enhance the city's infrastructure. With the increasing demand for investment property in York, investors are presented with promising opportunities for capital appreciation and rental income.
Furthermore, York offers a vibrant lifestyle with a variety of attractions and amenities that enrich its community. From high-end shopping at the York Designer Outlet to a diverse food scene and extensive green spaces like the Howardian Hills and the North York Moors National Park, York provides an attractive environment for residents and investors alike. These aspects, combined with the city's strategic economic plans, make York an appealing option for those looking to invest in a dynamic and growing city.
According to recent estimates, the population of York has reached 213,070, which represents a growth of more than 7% over the last decade. The population is expected to continue to increase steadily and reach 218,680 residents by 2035. This growth trend indicates a demand for housing, making York property for sale extra appealing to investors.
York has consistently struggled to keep up with the high demand for housing, building only an average of 299 new homes annually between 2011 and 2021. Despite the local plan's ambitious target to increase this to 877 homes per year, the city still needs to catch up to 3,497 homes by 2031. This housing scarcity has driven property prices up by 29.2% from 2017 to 2022. Moreover, the housing market in York is highly competitive, with homes selling significantly faster than in nearby cities like Leeds, Liverpool, and Newcastle. Considering these challenges, investment property in York presents a unique opportunity for investors seeking to capitalise on the city's constrained housing supply.
Since implementing a new economic strategy in 2016 and establishing innovation clusters, York's GDP has doubled since 2000, reaching GBP7.7 billion in 2022. Despite a setback from the pandemic in 2020, the economy is expected to grow by 61%, hitting GBP12.4 billion by 2035. Additionally, the average GDP per capita is projected to rise by 23%, reaching GBP56,927 within the same timeframe.
Properties in York are presenting themselves as compelling destinations for property investment, driven by their robust economic growth, strategic regeneration projects, and vibrant educational scene. The city's rich historical and cultural appeal, combined with its forward-thinking economic strategies, is catalysing its transformation into a dynamic urban centre. These elements contribute to a thriving property market characterised by high demand and significant investment potential, making York property investments an attractive option for both domestic and international investors.
York's economy is on a trajectory for significant growth, with projections estimating a 61% increase in GDP by 2035, reaching GBP12.4 billion annually. This economic expansion is fuelled by strategic initiatives such as the 2016 economic strategy and the creation of innovation clusters that attract and nurture high-tech industries. These factors make York an economically vibrant city with promising investment opportunities.
York is a thriving educational centre, home to two major universities that draw over 28,000 students from across the globe. This student influx energises the city and sustains a steady demand for housing and services. The universities are integral to the city’s reputation as a hub of research and innovation, contributing to its intellectual capital and making it an attractive location for knowledge-based industries.
With a history dating back to Roman times, York is a treasure trove of cultural and historical attractions. The city annually attracts 8.4 million visitors, generating approximately GBP765 million for the local economy. York's well-preserved architectural heritage and vibrant cultural scene—including museums, galleries, and theatres—enhance its appeal as a tourist destination and a place to live.
York is witnessing substantial regeneration, particularly through the York Central project, which is transforming underutilised brownfield land into dynamic residential, commercial, and leisure spaces. This development is expected to contribute GBP1.16 billion to the local economy and create over 6,500 jobs, significantly enhancing the city's infrastructure and living standards.
Despite new developments, York faces a housing undersupply, with the city planning to build 877 homes annually—a target set to address the growing demand but still falling short of needs. This gap between supply and demand has led to a 29.2% increase in property prices from 2017 to 2022, with further growth anticipated. The active property market, combined with York's economic and cultural developments, positions it as a highly attractive option for real estate investors looking for long-term capital appreciation and strong rental yields.
IP Global has recently expanded into the York real estate market with several new developments. One of these is Fifth Grove, positioned adjacent to St Nick's Nature Reserve & Environmental Centre. This development is nearing completion and features 48 one and two-bedroom units, each with either a garden or Juliette balcony, and includes parking. Additionally, closer to the heart of the city, we have introduced Marlowe House. This project is just a short distance from the major regeneration project, York Central, and consists of one-bedroom units priced from GBP190,000. These modern and spacious apartments boast top-floor views of York Minster, enhancing their appeal.
Having wandered through the storied streets of York, I was amazed at a city that breathes history, from its Roman origins as "Eboracum" in AD 71 to weathering Viking invasions, earning it the name "Jorvik". York's narrative intertwines with significant historical events, playing roles in the Wars of the Roses, the English Civil War, and […]
Continue ReadingIn February 2024, York witnessed a slight decline in property prices, with an average decrease of 2.9% compared to the previous year. The average property price dropped from GBP323,000 in February 2023 to GBP313,000 in February 2024. This downward trend was particularly evident in specific property types, with semi-detached properties experiencing a 2.5% fall over the year leading up to March 2024.
Despite the modest fall in property prices, York remains one of the most expensive places to live in Yorkshire and the Humber. The city's historical significance, cultural attractions and well-connected transport links continue to attract homebuyers and investors. In addition, the strong demand and limited supply of housing in York help to keep the property market competitive, and despite occasional fluctuations, prices remain at a high level and continue to grow in the long run.
Investing in property in York offers diverse opportunities across various areas of the city.
1. City Centre (postcode YO1):
2. North York (postcode YO32):
3. East York (postcode YO31):
4. South York (postcode YO10):
5. West York (postcode YO24):
Yes, York's average monthly rent is increasing.
In March 2024, private rents surged to an average of GBP1,089, marking a significant annual increase of 13.2% from GBP963 in March 2023. This growth outpaced the rise in Yorkshire and The Humber, which stood at 7.8% over the same period.
York, UK
Offering modern homes just a stone's throw away from York city centre, Marlowe House promises to offer residents bright, contemporary living with a wealth of amenities right on their doorstep.
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