The Property Market in York
Located in the county of Yorkshire, York is a city steeped in history, dating back to the Roman era. If you're looking for a place to call home, apartments in York and luxury properties in York might be just what you're looking for. York has retained its prominence over the centuries and was the third-largest city after London and Norwich by 1660. During the 19th century, unlike other larger northern cities such as Manchester and Sheffield, York didn’t see many benefits from the early stages of the industrial revolution as it lacked an extensive canal system to allow the mass transport and trade of goods.
However, the arrival of the railway in 1839 meant that the city’s already famous confectioners, Terry’s, and Rowntree’s (as well as other major employers), could rapidly expand their sales providing more jobs and investment from their philanthropic owners. For those looking to buy or sell flats in York, this meant a rapid expansion in the city's population, attracting more people to the area.
Because of this, York is still known as the home of British chocolate. Throughout the 20th Century, York expanded its footprint in chocolate and confectionary production. By 1937, the Terry’s factory employed over 2,500 people in the city. Rowntree also expanded rapidly, and by 1988 was the fourth-largest chocolate manufacturer in the world, responsible for making favourites such as Kit Kat and Aero. If you're a chocolate lover looking for a place to call home, consider looking for flats for sale in York to be close to the city's delicious chocolate shops.
This success led the Swiss confectionary giant, Nestlé, to buy out the company that same year for GBP2.55 billion (equivalent to GBP5.73 billion in 2022), making it the largest ever foreign purchase of a British company at that time. Nestlé still produces around 3 million Kit Kat bars in York daily and the city is home to Nestlé’s Product Technology Centre. For those interested in the city's thriving economy, York is also home to several large technology and biotechnology companies.
In 1991, York completed construction of their revolutionary science park providing state-of-the-art research and development facilities. This allowed the city to attract some of the most exciting companies in the industry such as Aptamer Group and Optibiotix; allowing York to reinvent itself as a continental centre for Biotechnologies. If you're interested in biotech, consider looking for apartments in York to be close to the city's innovative science park.
In 2016, York introduced their economic strategy to be the intellectual hub of the Northern Powerhouse. It aims to be recognised as the place to do business for several distinctive industries which rely on the local high-quality skills base. If you're looking for flats to buy in York or are interested in investing in the city's growing economy, this strategy makes York a particularly attractive prospect.
With such an extensive history, it is unsurprising that the city is dotted with museums, each one offering a unique insight into the area’s colourful past of Vikings, castles, and world-class chocolate. If you're a culture enthusiast, there are plenty of properties for sale in York that put you right in the heart of the city's vibrant cultural scene.
In all, York welcomes 8.4 million tourists each year which is estimated to add GBP765 million to the city’s economy per annum. If you're looking to relocate to this historic city, there are plenty of housing options available. For those seeking a more luxurious lifestyle, there are also many luxury properties in York available for sale. York Theatre Royal dates to 1744 and is Grade II Listed. It regularly hosts touring productions from London’s West End as well as household names from the arts. The auditorium seats 750 people and underwent extensive GBP6 million refurbishments in 2016.
York Barbican is the city’s premier events venue where some of the biggest names in music and comedy perform. The venue accommodates 1,450 people and will also host the UK snooker championships in November 2022. For those considering a move to York, there are also many properties for sale in York near the city's top event venues.
York Art Gallery first opened in 1879 and has accumulated an extensive collection of over 1,000 paintings which span from a period of more than 600 years, with their recent collections including works by David Hockney and LS Lowry. In 2015, the gallery reopened its doors following a GBP8 million renovation.
York Minster is perhaps York’s best-known landmark. The gothic cathedral took 250 years to build and was completed in 1472. In 2019, York Minster welcomed their highest-ever number of visitors at just over 706,000.
In terms of lifestyle, York offers an eclectic mix to suit any lifestyle. With a wealth of shops, both boutique as well as well-known fashion brands, the city caters to even the most avid shoppers. For those considering moving to the city, there are many flats for sale in York located near the city's top shopping destinations.
Overall, York is a city with a rich history and a vibrant present. With a range of housing options and plenty of things to see and do, it's a great place to call home.
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York has experienced substantial economic growth since 2000, and as a result, the average household disposable income its residents has increased by 76% between 2000 and 2021.
The long-term unemployment rate is set to decrease from 2.3% in 2022 back down to 1.9% by 2035.
Transportation York offers residents exceptional transport links by rail, road and air to across the UK and beyond. The city benefits from an enviable position at the heart of the national rail network as well as being within easy reach of the M1 motorway.
York’s GDP has increased by 30% since 2000, totalling GBP6.5 billion in 2021.
The population of York is currently estimated at 211,890, representing an increase of over 7% in the last 10 years. Population growth is expected to continue at a steady pace and by 2035 reach 214,980 residents.