You won’t be surprised to find out that growing up my favourite board game was Monopoly. Being a Londoner, I recall doing my upmost to land on Mayfair and Park Lane. Funnily enough, even if I had a spare few £million burning a hole in my pocket, I’d be resistant to invest in those areas today as I would imagine York provides far stronger yields and has better capital growth potential, given that property prices in Prime London are at an all-time high. However, with over 5,000 streets in York, it could take a long time to get around the board!
It dawned on me quite recently that I’ve been working in Property in York since July 2015 (just over three years now) and what better an anniversary to share my thoughts on what I’ve learned in the York property market, changes in the property industry over this time and some of the most expensive as well as good investment areas in York to invest in.
I’m going to work my way around the York Monopoly board in reverse if that’s okay. So, where are the most expensive places in York to put your house ergo where is the Mayfair of York? Well Driffield Terrace, just off Tadcaster Road in York maintains it’s title as one of the most expensive areas in York to own a property with property prices costing on average £985,000. That being said, the Mayfair title would have to go to the Purey Cust just off Precentors Court, a short walk from York Minster. According to Zoopla properties sell for on average £1,119,000.
The Oxford and Regent Street of the York Monopoly board would be a toss-up between Terry Avenue and St Saviourgate. Terry Avenue runs parallel to the River Ouse just off Skeldergate bridge. St Saviourgate, is just off the Shambles, one of the most famous streets in York City Centre. Properties on both streets on average cost in the region of circa £850,000.
As we pass the ‘Go to Jail’ corner, we hit the next level of property prices in York. In other words, the Leicester Square/Strand of York, I think of areas such as St George’s Place, again just off Tadcaster Road, where the average price, according to Zoopla, would cost you £665,000 or Walnut Close in Heslington where properties here cost on average £700,000.
We then swing by Free Parking to the next price drop to areas such as Sails Drive in Heslington where properties sell for on average £325,000 and Gillygate in the city centre on average £275,000.
As we take that final corner past jail, the last price drop has us looking at the properties in the good investment hot spots such as Ratcliffe Street, Kitchener Street or Ashville Street near York Hospital where properties sell for on average £165,000 – £171,000 or Lansdowne Terrace which according to Zoopla properties sell for circa £177,000.
The main takeaway about York is, it has an economically diverse property market with individual micro-pockets. Property prices fluctuate greatly.
The last three years has brought the greatest deal of change in the buy to let sector I’ve seen in my ten years in property which has adversely affected the level of income tax landlords have to pay.
As always, you should speak to a tax accountant who can help you re-structure your portfolio and mitigate the level of income tax you will pay. This will no doubt help you in passing Go and achieving long-term wealth investing in York property.