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Thursday, April 18, 2024

Is Buying A Property In York A Good Investment?

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Property investment is one of the best things you can do if you want to prosper. If you are still undecided on whether you should buy property in the UK, there are a lot of places where you can put your money and see it grow for the future.

York is one property hotspot in the country that you can count on when it comes to property investment. Investing in property in York gives you peace of mind because your investment will be well placed. When buying property in York, you should seek the help of AVRillo conveyancing solicitors for York to take you through the conveyancing process swiftly.

Here are some reasons why investing in York is one significant move you should make this year.

Property Prices in York Keep Rising.

The property price in York, like most of the cities in the UK, keeps rising as the property market shows an upturn. The average property prices in York are way above the national average.

The average house price in York is £303,673, with prices rising by at least 12% in some places, way above the national average, which has increased by 2.5%. Recent research shows that the demands for homes in York have increased by a third over the last decade. This is higher than anywhere else in the whole of Yorkshire.

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According to Zoopla, terraced properties were the most sold in York last year, going at an average price of £305,292. Semi-detached properties were sold at an average of £295,837, and flats went for £209,425. Given these property prices, York is one of the best places you can invest in property. 

The property prices for this city are a bit low compared to other leading cities in the UK. According to Zoopla and Rightmove, you can buy a property in York for as low as £85,000. This is way below the national average. It means that York allows you to invest in property even on a low budget and still find your way up the property ladder.

Additionally, because of the historic charm behind York, it has become a significant draw for most property investors and first-time home buyers. There is a rail linking York to London and Leeds, and most people see this as the best place to live and work in the capital.

Why Buy Property in York 

Here are some of the reasons you should consider investing in York property:

Rental demand

One of the reasons why you should invest in London property is the high demand for rental space in the city. According to a recent report by HomeLet’s, the average rent in York is currently £1.240 per month. As a landlord in this city, you will earn an average of £717 PCM for one-bed property and up to £2,675 PCM for a five-bed property. The rental prices in York are also increasing at a faster rate compared to most of the cities in the UK.

Excellent transport links

Most people buying property for a family would consider a city with good transport links. York has excellent bus routes to and from all the villages outside the city walls. If you love to rise on a bicycle, York has excellent roads, so you can cycle to work. 

York is a railway town earned from its central location in the country. It is equidistant from Edinburgh and London.

Leading universities and schools 

Another reason most people would consider buying property in York is the many schools and universities in this city. York is the city’s top education hotspot, having some of the most popular and respected universities attracting students from all over the UK. The student population in York is significant, which means high demand for rentals in this city.

Final Thoughts 

When looking forward to investing in property, York is the best location in the UK to buy property. The property price in this city keeps rising, which means now is the right time to invest your money in the property market. You can buy property for a higher return in various locations in York. You should consider hiring a conveyancing solicitor to help you buy property in York.

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