York’s position in the buy-to-let league has been revealed by new research.
A new comparison tool shows the best areas for renting out a house. Created by comparison website GoCompare, it also ranks cities based on the different metrics.
That places York 25th out of 31 cities. These are the key figures:
The average yield on a rental property of 4.2% puts York well behind Manchester – ranked number 1 with a yield of 5.55%.
And the city’s rental price growth – 0.5% – drops it down the rankings too.
Here’s what you can expect to pay
According to GoCompare, the average rent in York is £997. And these are the average rents for different sized properties in the city:
- 1 bed – £625
- 2 bed – £833
- 3 bed – £1,156
- 4 bed – £1,374
So with such high rents, why does York rank so far down the league table for landlords? It’s because the rankings are based on these factors:
- average property price and rental yields
- population under 35
- number of properties available
- number of letting agencies
- number of new housing developments
- and rental price growth.
York’s only comes in at 25th because “the rental price growth is quite low, just a 0.5% compared to the other cities,” a spokesman for the rankings said, adding:
The average property price is quite high compared to the rest of UK cities, apart from London.
This means that buying a property for buy-to-let won’t be worthwhile as the you will have to pay a big amount compared with other cities where the property price is lower than York’s.
Here’s how York compares to Manchester, ranked number 1, for example.
