Strong Potential for Holiday Lets
According to a YouGov poll, York is the most popular city in the UK, and it’s plain to see why. York City Centre is overflowing with sites of historical importance, such as York Minster and Micklegate Bar, and is enclosed by the York City Walls.
The city offers plenty of charm for domestic and international visitors alike, and tourism plays a massive part in the local economy. This has made it a hot destination for the short-letting sector. In some cases, depending on the area, it can be more profitable to let short-term rather than long-term, as the prices of holiday rentals shoot up during certain seasons.
York is famed for its beauty, but that doesn’t mean the local government doesn’t have some work to do. Several regeneration projects are currently ongoing or on the cards in York, covering the City Centre and other ailing areas.
Plans for the centre of York include the Coney Street Riverside Master Plan. This ambitious project aims to create a route between Coney Street and the riverside walkway.
York Station is another spot undergoing some revamps in recent years, continuing with the York Station Gateway Project (expected completion in 2025).
Former railway land to the west of York Station is also pegged for a makeover, turning some land which hasn’t been in public use for over 150 years into new city centre residential and business districts. This is one of England’s largest city centre regeneration sites, and it will use the National Railway Museum as a key anchor in the plans.
Regeneration projects are one way of gauging how in-demand an area may be in the near future. This is good news for buy-to-let investors, as they can get involved when property prices are lower, benefitting from capital appreciation and increased rental income further down the line when demand grows and the area is revitalised.