Lettings Market Brief: A buoyant market as we head into Autumn
August has been an incredibly busy month with the demand for new rental properties far out stripping supply. New properties aren’t staying on the market for long, with prospective tenants having a limited choice.
In addition to this, the Tenant Fee Ban is also having an effect on the market. Prior to the Ban, tenants would often shop around looking for an agent with the best fees before deciding on a property, whereas now the playing field has been levelled with a cap on the fees they’re able to charge. This, coupled with the fact that a smaller upfront deposit is now required, means properties are being snapped up much quicker than before. This is good news for landlords as the time between tenancies is being kept to a minimum.
Looking ahead, this buoyant market looks set to continue with September a notoriously busy month for the rental sector. If you have a property you’re thinking about renting, now is the time to place it on the market.
Similarly, now is a good time to invest in buy-to-let property with buy-to-let mortgage rates at very reasonable levels. One and two bedroom properties are always solid investments here in York, as well as city centre apartments which attract the young professional market.
If you have any questions about the lettings industry or would like to find out more about investing in buy-to-let, please call us on 01904 629629.