Are you looking to expand your property portfolio? It may be worth considering looking to York for a new investment.
Recent data released by YouGov has revealed that York is Britain’s most popular city, closely followed by Bath and Edinburgh. A staggering 92% of those asked responded that they like the city. The data is based on the opinions of more than 55,000 people.
This comes as no surprise, as the city is seen as an ideal location for a number of reasons. For students, the University of York is a popular choice, sitting at 12th place on the Guardian’s 2019 University league table.
Many tourists are attracted to the area each year, thanks to unique shopping opportunities, such as the Shambles, a cobbled street that is said to be J. K. Rowling’s inspiration for Diagon Alley from the Harry Potter series. York Minster is another popular landmark, being one of the world’s most magnificent cathedrals.
Alternatively, at the bottom of the table is Bradford, with Wolverhampton not much further ahead. A mere 23% have responded that they like the former, and 24%, the latter.
When investing in any property, there are many factors to consider. These include, and are not limited to:
Looking at tables, such as YouGov’s, you can get an idea of the general popularity of a city. It is also worth checking out data more specific to the private rented sector that focuses on the opinions of tenants. Local amenities, such as shops, parks and schools will play a key part in a renter’s decision.
Are you looking at an area that has good transportation links? Look at local train stations and the trains that stop there. For tenants wanting to commute, homes in convenient locations will be high on their lists. The same goes for bus stops and access to main roads.
- House Size
Consider what would appeal to renters in the area, along with the type of tenants you wish to attract. If you prefer to let to families looking to rent long-term, then looking for a property that has at least three bedrooms might help. If you wish to make the most of the student population, you could look out for a house that provides the perfect space for shared accommodation.
- Rental Yield
Taking a look at the average rental yield of a city can also give you an idea of whether now is the right time to invest in that area. It is worth bearing in mind that upcoming developments to an area may indicate an increase in interest in the future. As an example, the opening of the Elizabeth train line, next autumn, may result in an increase of commuter tenants to the areas that the new trains will be stopping in.
- Protect your Investments
Once a decision has been made, don’t forget to ensure that you have sufficient cover for the property. We offer the widest Landlord Insurance on the market as standard, which is also available for student lets.