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Lettings Market Brief: York continues to be a great city for landlords

Here in York, the lettings market remains stable with a steady turnover of properties as expected at this time of year as things typically quieten down before Christmas. Even though the market is quieter, there remains a high demand from prospective tenants when new properties do come to market.

In fact, according to recent figures from Zoopla, I would suggest that the average time for letting a property in York is below the national average of 17 days, with most properties here being let within 14 days, making the city an excellent location for landlords.

The industry has witnessed some interesting news in the last week with nationwide online letting agent, Upad, ceasing trading with immediate effect. The agent, which was established in 2007, offered an online only service from tenant find only to fully managed options, all of which would be handled remotely without any face to face contact with landlords or tenants. Whilst, we don’t know what caused the immediate downfall of Upad, it implies that this cheap, online model just doesn’t stack up and whilst technology can play an important part, you still need to offer a high quality, personal lettings service.

We would always advise that the best way to ensure a successful let and tenancy, is to use an agent that has local knowledge and a presence in the area. Whether you’re a landlord or tenant, there is no replica for being able to easily contact your agent and for them being able to visit your property as and when required. Fees for these agents might not be the cheapest, but the value for money they will provide is unmistakeably greater.

If you would like to discuss letting your property in York, please get in touch on 01904 629629 or email lettings@hudson-moody.com.

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