Lettings Market Brief
The rental market has seen numerous changes over the past year, including the introduction of the 3% stamp duty surcharge on property purchase, the scrapping of the 10% ‘wear and tear’ tax relief, a growing number of licensing schemes, and Right to Rent checks on tenants.
However despite all this, we have seen the rental market remain buoyant with more properties becoming available to meet a strong tenant demand. This is partly fuelled by York’s housing shortage and the lettings market remains a key component of the overall availability of homes in the city.
Many of the tenants who rent our properties do so in order to provide flexibility rather than as a stop gap before owning their own home. This trend looks set to continue and suggests that the lettings market will remain strong into the future.