The team at OffMarket Invest were interested to read a recent article published by The Guardian highlighting that almost 200,000 homes lie empty in England. Click here for article.
The article highlights that Birmingham was the 2nd worst city after London affected most by a glut of empty apartments. Birmingham had 4,397 homes that have been empty for a period of more than 6 months.
- London - 19,845 empty homes
- Birmingham - 4,397 empty homes
- Liverpool - 3,449 empty homes
When presenting new opportunities to our investors, we always keep a keen eye on property trends and establish the factors that are most relevant to providing a stable, long-term investment.
In stark contrast to the majority of major cities in the UK, York suffers from a chronic shortage of properties that come onto market. Currently within a one mile radius of the City Centre there are just 20 new-build 2-bed apartments available for sale according to Rightmove. (information correct as of 27th June 2017)
This severe undersupply of properties is what has helped York maintain its status as one of the most consistent and robust property markets in the UK.
Analysis according to Home.co.uk has revealed some interesting results. The average price of an apartment in York has performed phenomenally over the past decade. Between 2007 and 2017 the average price of a flat in York has risen by 51% from £155,000 to £233,000. Yet there is still incredible potential for growth. This trend is set to continue because of the incredibly tight supply levels compared to other cities in the UK.
In stark contrast during this same period, the average prices of flats in Birmingham have dropped by 8% between 2007 and 2017 from £145,000 to £133,000.
The incredibly stringent planning laws in York that are centred around preventing an oversaturation of apartments and maintaining the historic outlook of the city are a key driver for house price growth. There are next to no new-build schemes being built in York. However the number of businesses relocating to York along with the number of young professionals that choose to stay in the city after finishing their studies continue to grow year on year, hence putting more strain on an already heavily undersupplied property market.
We have teamed up with one of the most prestigious developers in the UK who have been established since 1952, to present our clients with a selection of stunning new-build apartments in a boutique scheme less than a 5 minute walk from York Minster.
Contact the team today at OffMarket Invest to find out more about this unique investment opportunity.