If you’re thinking about purchasing a buy-to-let property, it’s important to first consider your target market as this will obviously impact on the location and type of property you should look to buy.
Different tenants will have different needs, however a light, spacious, clean and well-maintained property will always be most attractive.
Generally speaking, smaller one and two bedroom properties aimed at the young professional market will do better if offered as furnished, whereas it’s more likely for tenants to want larger family homes to be unfurnished.
York offers a diverse range of properties and we’ve pulled together the current top rental hotspots if you’re looking to invest: HungateNestled in the heart of the city centre, Hungate is a particularly good area if you’re looking to purchase a low maintenance new build.
This part of York is extremely attractive to young professionals who work and socialise in the city.
High specification one and two bedroom flats and apartments are always in high demand and, if you can provide a furnished property, they present a really attractive ‘plug in and go’ option for this market and are certain to always rent well.
One bedroom properties in this area of the city typically start at around £200,000 and can be expected to rent at £750 per month, giving a potential rental yield of 4.
Micklegate Staying inside the bar walls, Micklegate is another popular part of the city for buy-to-let properties.
Offering a more traditional style of property centred around the historic cobbled street, these properties are in a great location for both city workers and those who commute regularly from the railway station.
Typically, one and two bedroom properties, these will again appeal to the young professional market.
One bedroom properties start at around £100,000 with an approximate rental value of £500 - a potential yield of 6%.
Two bedroom properties are typically marketed in the region of £200,000 and offer an approximate rental value of £700 which represents a 4% yield.
Bootham and CliftonTo the north of the city, just outside the city walls, the areas of Bootham and Clifton are popular with people looking to rent slightly larger properties.
It is an ideal location for people who work at the hospital and they are always popular with families wanting to be close to the city but with a bit more space.
If you’re able to purchase a larger property and want to attract longer term clients, these areas are a sound investment.
A typical 3 bedroom property in Clifton would be expected to cost around £400,000 with an approximate rental value of £1,200 giving you a yield of 3.
DunningtonSlightly further out of the city, the village of Dunnington remains a good buy-to-let option if you’re looking to attract longer term family tenants.
With a variety of larger characterful family homes in a picturesque village setting Dunnington combined with an easy commute into the city, this village will always remain popular with purchasers and tenants alike.
Three bedroom properties in Dunnington sell for around £280,000 with an approximate rental value of £950 per month, a potential yield of 4%.
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