Lettings Market Brief: Positive change for lettings industry in 2019
2018 has been another solid year for the lettings market in York. There has continued to be high demand for all types of rental property across the city and the surrounding villages.
The buy-to-let tax changes brought in this year have had less impact than many predicted, especially here in York, with only a small number of landlords deciding to sell their portfolio as a result.
Looking ahead to 2019, there are further changes on the horizon. The Tenant Fee ban, which is expected to become law in April, will be a huge change for the industry. The proposed change in legislation is seeking to protect tenants from disreputable agents who have been charging huge sums of money to tenants for setting up tenancy agreements, including credit checks and inventories. Whilst the aim of the change is to protect tenants, it is likely that we will see an increase in rental prices as landlords seek to recuperate the costs of the checks still needing to take place.
On a positive note, the agents who have been relying on these excessive fees will be hit the hardest by the ban. The reputable Lettings agents will come to the fore as both landlords and tenants will seek out agents that are providing a high quality, personal service from a team of knowledgeable and trustworthy experts.
If you are looking to invest in 2019, York continues to be a great place to purchase buy-to-let properties with something to suit all tastes and budgets available. Tenants are becoming increasingly savvy and, provided you are willing to invest in the upkeep and maintenance of your rental properties, they will continue to rent very well.
If you would like to discuss your investment options for 2019, please contact our dedicated lettings team on 01904 629629.