York has the hottest residential property investment market in the north of England, according to a leading Yorkshire estate agent.
James Baker, director of Preston Baker, believes that a combination of factors have made the city 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.
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“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.
“The staycation boom means that demand is now outstripping supply.”
Return on investment
James said a number of York residential developments were being targeted by investors looking for buy-to-let opportunities.
He gave as an example the St John’s Mews development, where Caedmon Homes have developed 29 on the site of the former Groves House Care Home. So far 21 one, two and three-bedroom apartments have been sold, with seven deals completed in the last couple of months.
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Prices range from £250,000 to £450,000. “Predicted net annual profits, based on 70 per cent occupancy, range from £19,000 for the £250,000 apartment to £35,000 for the £450,000 penthouse suite,” Mr Baker said.
Chris McLuskie, a media consultant, added: “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.”