Lettings Market Brief: A positive Autumn market
September was another busy month with a high turnover of properties. Things have now started to settle down as we head into Autumn with a steady flow of new properties coming to market.
With our number of rental properties continuing to grow, we are delighted that Rory has joined the lettings team having previously worked on our residential team for over 15 years! Rory has an excellent knowledge of the local property market and will be working alongside myself and Olivia. Our ethos is very much to work as a team, with each of us jointly responsible for the management of our properties. This means there will always be someone who knows your property available to answer your queries or assist with any problems.
There a number of great buy-to-let investment opportunities available in York at the moment, whether that be city centre apartments, or one and two bedroom terrace houses which are always exceptionally popular with tenants. The typical average yield for these properties is around 5% and could increase as rents rise.
Elsewhere in the industry, there has been some interesting debate on the future of short-term lets. Whilst some landlords have seen this is a highly lucrative way of renting their property, there appears to be a rising demand for this sector of the industry to become more closely regulated, and therefore potentially less straightforward. Whilst it will certainly be interesting to see how the short-stays sector develops over the coming year, long term residential lets are always going to be in demand and, having a tenant in your property year-round can often be more cost effective than short stays.
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.