Well it’s been one and a half months since the Tenant Fees Bill came into effect prohibiting the charges of fees to tenants in the Private Rental Sector to properties rented under Assured Shorthold Tenancies.
Whilst it is still early days to assess the long-term impact, one of my expectations was that there would be far more movement and flexibility in the sector from tenants and ideally, less time with rental stock on the market which acts in favour of landlords. Incidentally, something that I have noticed in my day to day activities is a considerable increase in tenant enquiries since 1st June 2019 which I expect will lead to properties in York renting far quicker than before.
According to Zoopla data, over the last 12 months, of the 2,174 York properties that were let, they took on average 27.24 days from the point of going on the market to being let and achieved an average rent of £830. As expected with properties at a more premium price, the number of days to let increased exponentially (45 days to let for rents in excess of £1,200 per calendar month).
26% of York properties which let were one beds followed by two bed properties which dominated the York buy to let market at 49% (nearly half of York’s private rental properties).
|No of rooms||% of market|
|5 & 6 bed||2%|
When I tried to see if there were any interesting correlations regarding postcode areas, there wasn’t much in it in terms of length of time on market unless you ventured further out of York City centre to areas such as Haxby, Wheldrake, Osbaldwick and Dunninton.
|Postcode||No of days to let|
When push comes to shove, what determines a rental property being let isn’t necessarily the number of bedrooms, or the area where the property is situated. Sounds obvious but at the right price, any property will get rented but a strong determinant is the quality of the product which will impact the rent you are able to obtain. One of the strongest determinants is how your property is marketed. People who know me will understand that I’m not cocky so with the risk of sounding arrogant, earlier in the week, I went out to conduct a market appraisal at a property in the Southbank area.
Now this property was superbly decorated throughout and the landlords had put meticulous detail into their property, and I was confident it would let. This had less to do with the finish of the product but rather the fact that prior to the appointment, I’d spoken with three separate individuals who were looking for properties in the Southbank area with a budget of up to circa £900 per calendar month. On the back of this, we’d received three strong applications. I had already planned a strategy as to how I was going to market the video including video content to showcase the property.
I’m not asking for a pat on the back but the point I am getting at is, as an industry, too many Agents take an approach where they market a property on Rightmove and Zoopla and prey for the phone to ring. The way our industry is going, there is an argument to say, we should be less lettings and sales negotiators and more marketers who just happen to work in property.
If you have a property that you are considering renting out or are struggling to get rented, please give me a call as I’d love to offer you some advice!