Table of Contents
Overview of York’s Property Market
The real estate market in York has always been exciting for both investors and people who want to live there. Many people, including families, students, and professionals, want to rent there because it has a mix of history, culture, and current living.
With excellent transport links, high-quality schools, and a thriving local economy, it’s no wonder York remains one of the most desirable property locations in the UK.
North Yorkshire’s property market continues to thrive, with York house and property prices reaching new heights across all property types, including semi-detached properties, detached properties, and terraced properties, as property transactions and the number of properties sold steadily increase, driving the average price upwards.
Property prices in York, including York house prices, continue to rise, with the average price for semi-detached homes standing out in a competitive property search, driven by increasing property transactions, inflation, and mortgage trends, making York a sought-after place in Yorkshire for buyers and investors seeking a balanced comparison of affordability and growth.
Current Average House Price in York (2024)
In September 2024, the average house price in York was £327,000, showing a 3.5% rise from £316,000 in September 2023 (ONS). This consistent growth reflects the increasing demand for houses in this UK city.
With an average price of £205,000, apartments and flats are particularly profitable for investors due to their affordable average prices and high rental demand.
We’ve worked with many investors who’ve chosen apartments as their entry point into York’s market. They’re particularly attractive to tenants such as young professionals and students, who value proximity to the city centre. For example, properties near Bootham or Micklegate often generate strong rental yields of around 5% or more.
Recent Trends in House Prices in York
Homes in York have been steadily going up in price over the last year. Flats and apartments in York are especially popular as they are easy to maintain and don’t cost much to buy, these homes have become the first choice for first-time investors.
Areas like Fulford and Acomb are also showing increased interest, particularly for family homes like semi-detached properties.
One trend we’ve noticed is the growing competition for properties near the city centre. Sold prices for homes in prime locations have risen faster than the overall average, reflecting the strong demand.
If you’re considering doing investment in York, the key is to act quickly, as properties—particularly flats—don’t stay on the market for long.
York’s House Prices Compared to Regional and National Averages
With the highest average house price in Yorkshire and The Humber region, York stands out with an average house price of £327,000 compared to the regional average of £219,000.
In the UK, York offers a middle ground: it’s more affordable than London (average house price is £538,000) and the South East (average house is £395,000) but boasts comparable growth potential.
Investors are increasingly drawn to York because of its balance between affordability and growth. For example, a two-bedroom apartment in York offers better value than similar properties in Leeds or Sheffield while delivering higher rental yields.
Annual Changes in House Prices in York
Over the past year, York’s home market has stayed strong. The average house price went up by 2.3% to £328,000 in 2024. Even though all types of real estate have grown, some, like apartments, offer special chances for smart investors
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Price Changes by Property Type in York
Detached Houses
Detached homes have always been seen as a premium option in York, and their prices reflect that. The average price of detached houses rose 2.4% to £517,000. Although these properties offer space and exclusivity, their expensive prices may be daunting for inexperienced investors or those seeking fast returns.
Semi-Detached Houses
Semi-detached properties, averaging £341,000 after a 3.9% rise, remain a popular choice for families. They strike a good balance between affordability and space, making them appealing to both homeowners and buy-to-let investors targeting long-term tenants.
Terraced Houses
With an average price of £288,000. terraced properties saw the biggest yearly growth rate of 3.9%. Young workers like them because they are classy and close to city amenities. When prices go up, though, there is a lot of competition for these homes.
Flats & Apartments
Now let’s talk about the hidden gem in York’s property market: apartments. With an average price of £205,000, apartments and flats remain the most affordable option for investors. While the annual growth rate for apartments is steadier at 2.1%, their potential for rental yields and long-term appreciation is unmatched.
We’ve worked with countless investors who’ve started their portfolios with apartments in areas like Bootham, Heworth, and the city centre. Why? It’s simple—these properties attract consistent demand from a diverse tenant base.
From young professionals to students, York’s population is always looking for centrally located, well-maintained flats. And because of their lower purchase price, apartments often deliver higher percentage returns than other property types.
As an example, we recently told a client to buy a one-bedroom flat for £200,000. It was rented to a young couple for £1,200 a month within a month, giving a 7.2% rental yield. With the strong rental market in York, apartments are a great way for owners to make money while their property goes up in value.
York’s Rental Market
The rental market in York has always done well, and it’s easy to see why. The city’s strong economy, great transport, and active student population make rents go up because there aren’t many places to live available.
York is a great place for investors to get good returns, especially in areas that are in high demand, like the city’s heart and its suburbs.
Annual Change in Rents in York
As of October 2024, the average monthly rent in York has risen to £1,104, an increase of 9.3% from £1,010 in October 2023 (ONS). This significant rise reflects how competitive the market has become. York attracts a steady influx of young professionals and families, many of whom prefer renting, creating a reliable pool of tenants for landlords.
Average Rent in York Compared to Yorkshire and The Humber
York’s average rent is significantly higher than the regional average, which was £801 in October 2024, up from £757 the year before.
This shows that York is a premium rental location within Yorkshire, offering better returns for investors willing to step into the market. With a diverse tenant base, including students, professionals, and families, York’s rental market is both stable and profitable.
How Rent Prices Have Changed by Bedroom Number in York
In York, rents have gone up for all sizes of homes, but the rises are different for each type, which gives investors a range of options. Investors can pick the best type of property according to their goals if they know how demand changes for homes of different sizes.
1-Bedroom Apartments
A one-bedroom flat in York now costs £800 a month, which is 9.5% more than it did a year ago. This growth is being caused by people wanting smaller homes, especially college students and young workers just starting out. Landlords can make a lot of money by renting out one-bedroom apartments, which are easy to maintain and rarely go empty for long periods of time.
2-Bedroom Properties
Two-bedroom properties now average £994 per month, reflecting an 8.7% annual increase. Professionals seeking additional space will find these features perfect, and they provide flexibility for investors aiming for a broad spectrum of renters. Low turnover rates and steady income are guaranteed by great demand for two-bedroom houses.
3-Bedroom Properties and Larger
Larger properties have also seen rent increases:
- Three-bedroom properties: Average rents rose to £1,175, up 7.8%.
- Four or more bedrooms: Average rents now stand at £1,635, a 6.5% increase (ONS).
These properties tend to attract families and larger groups, often resulting in longer-term leases. While larger homes may require more upkeep, the returns can be substantial, especially in areas like Heworth and Fulford, which are popular with families.
Housing Supply and Demand in York
York’s housing market is a fine balance of supply and demand, which has a significant impact on house prices and investment opportunities. Here’s how current trends are shaping the city’s property landscape:
Number of Properties Sold in York
There were 1,050 sales of homes in York in the year ending in September 2024, which is 5% more than the previous year. This information shows that buyers are still coming into the city in large numbers. This is because there is strong demand for homes at all price levels.
Current Housing Supply in York and Market Availability
Despite the modest increase in homes for sale, York’s housing supply remains constrained. Land availability and building regulations have made it challenging to build many new homes. Recent data shows that house supply in York is only meeting 75% of the estimated demand. Due to this, the market has become even tighter.