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City named as one of the country’s best bets for property investors
9:06am Thursday 21st February 2008
Comments (56)York is one of the best places in Britain to make a property investment - in spite of gathering economic storm clouds.
The city is listed second only to Cambridge in a top 20 of cities and towns where property buying is a "failsafe" investment.
The list has been drawn up by researchers at national estate agency Knight Frank, who found that whether buying to live in or rent out, York property has a lot going for it.
Liam Bailey, head of research at Knight Frank, gave high ratings to York's attractive, historic city centre, its good links to London - roughly two hours by train - and its relatively small supply of housing stock in the heart of the city.
There was also the relative ease with which commuters can reach other towns and cities, and he cited good schooling as a reason for York being a coveted place to live.
The Knight Frank research ranked the top 20 based on factors including the affordability of housing, wages, unemployment figures and population growth.
York-based developer The Skelwith Group has backed up these findings, with two recent high-profile schemes in the city centre being snapped up by investors within days of hitting the market.
All 19 flats in an ambitious development in Clarence Gardens were sold by the group to investors within four days, despite it not being completed until November.
Another development, of 23 flats in The Rise, has also been successfully sold "off plan" - before they were built - highlighting the strong interest in investing in good quality York property.
Paul Ellis, The Skelwith Group's managing director, said: "The York housing market remains very healthy, despite some dark predictions about the national picture.
"With good transport links and limited housing available in the heart of the city, the market is still very much on an upward curve, and remains a sound investment for all types of property.
"Finding good quality sites is fast becoming the biggest issue as we have investors desperate to buy new build property in all areas of the city."
Cambridge came first in the Knight Frank list, with Oxford, Milton Keynes and Guildford also in the top five.
Your Say YourYork Press
Robbo, York says...
9:40am Thu 21 Feb 08
werdna, york says...
9:41am Thu 21 Feb 08
On the run, around town says...
9:43am Thu 21 Feb 08
Jason, says...
9:46am Thu 21 Feb 08
Voice of reason, York says...
10:10am Thu 21 Feb 08
Very easy!
Shin-Akuma, The Dark Hadou says...
10:11am Thu 21 Feb 08
Jason wrote:There are indeed loads of propertys in the windows.
There is plenty of property top buy in York. The estate agents windows are stuffed full.
I'll just nip out the the money tree and pick some more £50 notes and I'll buy two for good measure!
On the run, around town says...
10:33am Thu 21 Feb 08
BL, says...
10:49am Thu 21 Feb 08
Shin-Akuma, The Dark Hadou says...
10:51am Thu 21 Feb 08
The Bandit, East Bound And Down says...
11:01am Thu 21 Feb 08
Shin-Akuma, The Dark Hadou says...
11:11am Thu 21 Feb 08
The Bandit wrote:I'm sure the some EU let all the rapist out of jail loop hole that would block that sensible idea.
How difficult would it be to impose a ban on anyone letting out a property within the first 2 years of buying it? Surely that would deter some of the opportunist property investors?
But it is a good idea none the less.
avidreader, York says...
11:23am Thu 21 Feb 08
On the run, around town says...
11:28am Thu 21 Feb 08
On the run, around town says...
11:34am Thu 21 Feb 08
AdmiralN, York Centre says...
11:49am Thu 21 Feb 08
avidreader wrote:I disagree, why is it greedy?
Its great for oldies who had small mortgages years ago, paid them off and can afford to snap up these investments. What about the younger generation who haven't a hope in hell of buying in York. First time buyers are looking at at least £150k which is not reflected in their salaries. I know a few people who have 4 or 5 properties on a buy to let basis and its just greed, and people like them who are forcing prices to keep rising!
Shin-Akuma, The Dark Hadou says...
11:57am Thu 21 Feb 08
I disagree, why is it greedy?
There are two arguements there.
On the one hand, if that the way an indivdual chooses to make there living then so be it.
They pay tax and being a landlord is not exactly cheap either.
On the other hand, York being one of the most expensive place to live, in the North at least, it does help first time buyers when all the properties are snatched up by cash rich investors.
All it means is people end up taking larger and larger mortgages to buy homes, sometimes borrowing more than they can afford.
Its an artifcial market at the moment, but it appears to have stopped growing as quickly over the winter.
(A), York says...
12:06pm Thu 21 Feb 08
Income received from letting out a property should be taxed at the highest rate possible.
Introduce a progressive capital gains tax regime on all second homes which reflects the amount of time the property has been held for: i.e. 75% if sold within two years, 50% if between two to five years etc.
All income generated through this tax scheme should be ringfenced and plowed into social/affordable housing schemes.
Such a scheme would suppress demand and go some way to bringing property prices down to an affordable level.
Shelter is a basic human-right, to take the view that investment in property is a worthwhile and lucrative endeavour may be legal, however it doesn't distract from the fact it is immoral.
AdmiralN, York Centre says...
12:08pm Thu 21 Feb 08
I would also argue that it is a lifestyle choice, on one hand you can rent and have money in your pocket to do other stuff or you can buy and have a house but not be able to afford anything else. Sadly, for some they dont want to make that choice and want a house and have loads of money too, but it doesnt really work like that. I also think that there is a stigma attached, whats the big deal in actually owning your own property and why are so many young people desperate to have one?
AdmiralN, York Centre says...
12:10pm Thu 21 Feb 08
(A) wrote:Its not immoral at all. Shelter is a basic human right, owning a home isnt though. Business is business boys, we arent communists.
Tax buy-to-letters into the history books. Income received from letting out a property should be taxed at the highest rate possible. Introduce a progressive capital gains tax regime on all second homes which reflects the amount of time the property has been held for: i.e. 75% if sold within two years, 50% if between two to five years etc. All income generated through this tax scheme should be ringfenced and plowed into social/affordable housing schemes. Such a scheme would suppress demand and go some way to bringing property prices down to an affordable level. Shelter is a basic human-right, to take the view that investment in property is a worthwhile and lucrative endeavour may be legal, however it doesn't distract from the fact it is immoral.
The Bandit, East Bound And Down says...
12:11pm Thu 21 Feb 08
Tax buy-to-letters into the history books.
Income received from letting out a property should be taxed at the highest rate possible.
That's a great idea. People get taxed through the nose for having a second job, why should income from a 2nd, 3rd or 4th "home" etc. be any different?
Miss Amelia Rate, YORK says...
12:19pm Thu 21 Feb 08
petethefeet, york says...
12:29pm Thu 21 Feb 08
Yep. It's plain, immoral greed!
purpleronnie, Fully, York says...
12:55pm Thu 21 Feb 08
AdmiralN wrote:Hi AdmiralN,
Good argument, I would also argue that it is a lifestyle choice, on one hand you can rent and have money in your pocket to do other stuff or you can buy and have a house but not be able to afford anything else. Sadly, for some they dont want to make that choice and want a house and have loads of money too, but it doesnt really work like that. I also think that there is a stigma attached, whats the big deal in actually owning your own property and why are so many young people desperate to have one?
As a 'young un' myself I find it extremally disheartening with the state of the property prices nowadays. I have no chance of getting on the property ladder unless I win the lottery or get left a small fortune from a long lost relative.
Us young 'uns would like to own our own property for the security and for the future. While renting is fine for a short while, the building will never be our own.
the invisible man, southbank says...
1:01pm Thu 21 Feb 08
The more tax lanlords pay then the more rent they will charge. Property values are not just high for potential buyers, rents are also expensive
redp, Huntington says...
1:14pm Thu 21 Feb 08
avidreader, York says...
1:16pm Thu 21 Feb 08
AdmiralN wrote:Why are so many people desperate to buy extra properties to rent out? To make a quick profit thats why! Why shouldn't young people have the opportunity to buy as their parents have (most of them anyway)They want security for their futures too, which renting won't bring!
Good argument, I would also argue that it is a lifestyle choice, on one hand you can rent and have money in your pocket to do other stuff or you can buy and have a house but not be able to afford anything else. Sadly, for some they dont want to make that choice and want a house and have loads of money too, but it doesnt really work like that. I also think that there is a stigma attached, whats the big deal in actually owning your own property and why are so many young people desperate to have one?
BL, says...
1:25pm Thu 21 Feb 08
They pay tax and being a landlord is not exactly cheap either.
Yeah - but from what I've heard there are a large number of loopholes to make it very attractive to those who have to money to do it.
(A), York says...
1:26pm Thu 21 Feb 08
the invisible man wrote:Local authorities should be given powers to introduce capping on rental charges - this would prevent landlords from passing on their extra costs to tenants.
"Tax buy-to-letters into the history books" The more tax lanlords pay then the more rent they will charge. Property values are not just high for potential buyers, rents are also expensive
To AdmiralN:
I expect you're one of the fortunate few who are owner-occupiers. If so, I'd like to ask, would you give up your security and rent, handing over a substantial amount of cash each month to pay someone elses mortgate??? No? I didn't think so!!!
avidreader, York says...
1:32pm Thu 21 Feb 08
BL wrote:They don't even need the money to do it, each property is bought on the strength of their other properties and how much equity they may have. The rent they get from these properties usually more than covers the mortgage and bills so they can't lose!
They pay tax and being a landlord is not exactly cheap either.Yeah - but from what I've heard there are a large number of loopholes to make it very attractive to those who have to money to do it.
Mullarkian, York says...
1:42pm Thu 21 Feb 08
AdmiralN, York Centre says...
1:47pm Thu 21 Feb 08
(A) wrote:Actually your wrong (and a little bit right) until about 4 years ago i rented a house with a friend. I then bought a house with savings and a fair sized mortgage (that was a dump) and then spent on doing it up. I know own three houses this way, one that i live in. But its not all plain sailing it took me years to save and then some backbreaking work to get them nice. (i only got the houses because they all needed work and few buyers were interested in this.) My point is that people expect to be able to buy a beautiful house in a perfect area with nice furnishings without putting any effort into making that happen for themselves.
the invisible man wrote: "Tax buy-to-letters into the history books" The more tax lanlords pay then the more rent they will charge. Property values are not just high for potential buyers, rents are also expensiveLocal authorities should be given powers to introduce capping on rental charges - this would prevent landlords from passing on their extra costs to tenants. To AdmiralN: I expect you're one of the fortunate few who are owner-occupiers. If so, I'd like to ask, would you give up your security and rent, handing over a substantial amount of cash each month to pay someone elses mortgate??? No? I didn't think so!!!
wildthing666, york says...
1:53pm Thu 21 Feb 08
see sense, york says...
2:01pm Thu 21 Feb 08
BL wrote:When I bought a new build few years ago in a mixed development, there were plenty houses in the affordable bracket, which were not advertised until long after they had started building.
And lots of these lovely Derwentthorpe and Germany Beck "affordable" houses will go the same way. How many does anyone really think are going to be bought by "local" people?
Yet all the affordable houses were bought by people from more than 20 miles away who had been saving up etc. Whilst the local twenty somethings sat in the pub complaining they could not afford to buy anywere.
Only the "local" people to blame there really I would say.
jk, york says...
2:02pm Thu 21 Feb 08
You dont have to like what your buying, it dosn't have to be for life.
jk, york says...
2:04pm Thu 21 Feb 08
Or at very least you'd have to work locally or some other connection.
see sense, york says...
2:12pm Thu 21 Feb 08
Miss Amelia Rate wrote:Nobody forces kids to go to unversity and rack up a debt. There are plenty of wealthy builders and plumbers out there that did not go to university.
Great future ahead for our kids,they are goiong to come out of university with debts of approximately £20,000 no matter how prudent they are with their spending and then, if they can get a decent job, they still can't afford to buy their own home because of the combination of that debt and the excessively high cost of housing!
But granted the present Govt. policy of encouraging every muppet out there to spend four years doing a Media course at an ex poly is wrong.
1. it means we can't afford to pay for the erally talented ones to get a free further eductation.
2 it makes it more difficult to geteven a medicore with out a degree.
3 there a peolp out there with easy to get, useless degrees who have been lead to expect that they can get a job statring at £30K a year because when they have no experience. Where as somebody who started after school and learned on the job could well be earning a decent amount by the same age with no debts.
(A), York says...
2:17pm Thu 21 Feb 08
For those, like myself, who are on a low income, it is disheartening when even the cheapest run-down properties in the most deprived areas of York are out of reach.
Individuals such as yourself who own several properties to let are, whether you accept it or not, part of the problem. Buy-to-letters for the most part, have it far too easy and it is not unreasonable to expect this be addressed.
Changes to the tax system as I described in my previous post may seem draconian, but radical action is needed to ameliorate the hardship suffered by a fast growing proportion of the populous.
A house is a home - not a goldmine!
jk, york says...
2:27pm Thu 21 Feb 08
I think because of the silly prices being paid,its hard to remember that they are a home and not an investment.
andyb, york says...
2:29pm Thu 21 Feb 08
Miss Amelia Rate, YORk says...
2:29pm Thu 21 Feb 08
see sense wrote:That's a bit unfair. Not all kids are doing "useless" degrees. Some are going to university because they are academically able and that's the right thing to do for them. No, nobody forces them to go but have you tried getting an apprenticeship to be a plumber or electrician recently? Not to easy and it wouldn't suit everybody.
Miss Amelia Rate wrote: Great future ahead for our kids,they are goiong to come out of university with debts of approximately £20,000 no matter how prudent they are with their spending and then, if they can get a decent job, they still can't afford to buy their own home because of the combination of that debt and the excessively high cost of housing!Nobody forces kids to go to unversity and rack up a debt. There are plenty of wealthy builders and plumbers out there that did not go to university. But granted the present Govt. policy of encouraging every muppet out there to spend four years doing a Media course at an ex poly is wrong. 1. it means we can't afford to pay for the erally talented ones to get a free further eductation. 2 it makes it more difficult to geteven a medicore with out a degree. 3 there a peolp out there with easy to get, useless degrees who have been lead to expect that they can get a job statring at £30K a year because when they have no experience. Where as somebody who started after school and learned on the job could well be earning a decent amount by the same age with no debts.
jk, york says...
2:44pm Thu 21 Feb 08
no offence but that is their lifestyle choice to have kids first
jk, york says...
2:51pm Thu 21 Feb 08
and still the prospect of one wage is daunting
AdmiralN, York Centre says...
2:53pm Thu 21 Feb 08
andyb wrote:Without going in another direction i dont think the discrepancy is with people 'soaking up available housing' this is maybe more to do with things like, longer life expectancy, population booms and immigration etc.
A is quite right. My lad is earning 25000 a year and has 2 young kids. His wife works part time so she can devote some time to the children, while we look after them the rest of the time. They cannot afford a house of any kind. When I got my first mortgage we were earning a lot less than that pro-rata, but we got a house and paid the mortgage fairly comfortably. My wife was a full time Mum, which ISN`T an easy job. I feel terribly sorry for todays children, and the only reason I can see for the discrepancy is that people with money to spare are soaking up the available housing, which is plain selfish.
andyb, york says...
3:06pm Thu 21 Feb 08
Because many baby-boomers have disposable income after getting their houses at reasonable prices, many have sought to make money for very little effort by investing in domestic housing stock, which they then rent out at the going (high)rate. I could conceivably have done this, but chose instead to help my children out as much as possible.
The actions of those who seek an easy lifestyle by hogging the houses are a kick in the teeth for the upcoming generation.
You are only kidding yourself.
andyb, york says...
3:08pm Thu 21 Feb 08
jk wrote:kids are not a lifestyle choice if you want the human race to continue.
andyb no offence but that is their lifestyle choice to have kids first
AdmiralN, York Centre says...
3:30pm Thu 21 Feb 08
redp, Huntington says...
3:59pm Thu 21 Feb 08
andyb, york says...
4:09pm Thu 21 Feb 08
petethefeet, york says...
4:24pm Thu 21 Feb 08
For our (collective) future generations we need less immigration and a lower birth-rate. This will then sort out the stress on housing, land, water and other resources. It will present a major challenge for the country as all us baby-boomers enter old-age. We should meet that challenge.
BTW. In the year 2000, the UN sponsored a project to examine the effect of birth-rate on future populations up to 2150. They concluded that, within this 150 year timeframe, the average woman would beget between 1.6 and 2.6 children. If the lower figure prevailed then the world population in 2150 may be 3 billion. If the higher figure prevailed then it would be 28 billion.............
.......Frightening.
andyb, york says...
4:42pm Thu 21 Feb 08
Does that mean if she has the children before she is 40 she has 110 years to recover?
petethefeet, york says...
8:47pm Thu 21 Feb 08
Voice of reason, York says...
12:59pm Fri 22 Feb 08
What a damning indictment of our society that people are having to choose between a home or a family.
Ain't got either, and quite happy I am about it too!
meme, york says...
1:41pm Fri 22 Feb 08
see sense, york says...
10:35pm Fri 22 Feb 08
if University was limited to the top 10 or 15% of the academically able. The country could afford to pay their fees and graduates would come out with good degrees and get decent jobs.
But because they insist on getting 50% of school leavers to go to university,many end up doing courses that are no use, run up huge debts and are no more employable than they would have been had they just gone and got a 4 year start in the job market.
ChrisYork born&bred, YORK says...
9:01am Sun 24 Feb 08
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Shin-Akuma, The Dark Hadou says...
9:26am Thu 21 Feb 08
There's barely enough properties to buy as it is!!!