It’s been ten years this month since I stepped into the realm of property lettings and what an interesting ten years its been. I can safely say that it’s a career where not one day has been the same as the last. That being said, I’ve been able to spot long term cyclical trends in the lettings market in whichever region I’ve worked.
When I look at the 3,954 properties which have rented in the last two years (according to Zoopla data), it tells an interesting story as to the York Lettings Market and when is the most buoyant time to have a rental property on the market.
From the graph below, the last two years the York rental market has shown a vast change. September 2017 saw only 118 properties being let according to Zoopla but in September 2018, this number had increased by 80.51% to 231 properties let agreed.
Conversely, in August 2018, 236 properties were let but by August 2019, there had been a reduction of 22.46% from the year before with only 183 properties being let agreed.
With the average tenancy length in the UK being between 18-24 months, it is expected that we will have a varying number of lets year on year. I’m intrigued to see how the numbers change following the Tenant Fees Bill which came into force June 2019 and whether no up-front admin and referencing fees, saving tenants on average £300 per let, will mean more fluidity and flexibility of movement of tenants.
What trends we can see is how the lettings market is persistently strong during the summer months and tends to fall quite hard over the winter period.
Does this mean you should wait until the market picks up to market your property for rental? Absolutely not. It would be a false economy to do so. An empty rental property is a wasted investment and just costs you as a landlord in the long run.
Properties still let in the winter months and to a certain extent, as there is less stock on the market, you have less competition from other landlords marketing their properties. If you’re concerned about your property becoming vacant in the colder months, bear in mind you could get the tenants to sign up for a fixed term of 15 – 18 months. That way should the tenants serve notice to end the tenancy, it will be springtime when the market has picked up once again.
If you have any properties that you need help marketing in the upcoming months and would like to discuss a strategy to help get your property rented quickly and mitigate your void period, give me a call, I’d love to see how I can help.