Key Headlines

• The average rent in York is now £858, showing a 0.92% decline from January 2020
  
• Rents fell YOY in 5 areas of York
  
• The only areas which saw rental growth were:

– YO23 (South Bank, Bishopthorpe, Copmanthorpe, Rufforth) – 6.57% growth
– YO30 (Bootham, Clifton, Skelton, Linton-on-Ouse) – 9.05% growth

• 199 properties let agreed, a 9.13% drop in properties let agreed from the same time last year
  
• Stock available in the York property market up by 13.92% in Jan 2021 when compared to the previous year
  
• Over 20% more new instructions to the York rental market in Jan 2021 than at the same time last year
  
  
  

Industry insight from Ashley Mehr, Head of Residential Lettings at Churchills Letting & Estate Agents:

“It has been an interesting year in the York rental market to say the least. The restrictions from Lockdown 3.0 seem to have had an impact on the York private rental sector by way of fewer number of properties Let Agreeing. The number of rental properties available were up by 13.92% from the same period 12 months ago and rents were down by 0.92%. From simple demand and supply economics, with an over-supply of rental stock and market sentiment which is albeit in the short term affected by the impact of Coronavirus, this will naturally impact prices on a small scale.

Now more so than ever landlords and their agents need to address the elephant in the room and ensure the marketing of their properties is better than that of its competitors i.e., quality photos, description, marketing across all the relevant appropriate channels and doing video tours is a must.

That being said, rather than reducing the rent, now might be the time for some landlords to take their property off the market or hold off marketing with a view to investing in their product, uplift its capital value, increase its marketability and just as importantly, maximise the rental return, not to mention providing better quality rental stock for tenants.

Comparing rental areas in York, whilst any area in York would be a fantastic place to live, it is no wonder why areas such as Southbank and Bootham have seen an uplift in rents one year to the next given that they are particularly sought-after areas by tenants given the proximity to York city centre, great locality for commuters into and out of York etc.

In terms of the outlook for 2021 I feel optimistic with the national rollout of the Covid vaccine but am wary that there will still be some uncertainty in the rental market. This will lead to ongoing concerns regarding job security and would I imagine will have a lot of tenants staying put rather than moving home.”