Key Headlines:
- Average rent in York according to Rightmove was £916 per calendar month showing a 10.88% increase year-on-year.
- Rents grew in YO1, YO24, YO30 & YO31
- New instructions to the market down 9.58% year on year
- 233 properties Let Agreed in March 2021, an uplift of 59.59% from the same time last year.
- Detailed views of Rightmove listings increased by 43.56%
- 10.85% more rental stock on the market since the last year
Industry insight from Ashley Mehr, Head of Residential Lettings at Churchills Letting & Estate Agents:
How do I describe March 2021 in one word? Buoyant. In my time in the property industry, I’ve always noticed that as we progress throughout the year the rental market becomes more and more busy. However, in the last month I’ve noticed that this is more so than usual.
The average rent across York now stands at £916 per calendar month, nearly 11% up from the same time last year. I would expect this is down to a number of factors one of which being consumer confidence returning to the economy and tenants who have been locked down on and off have increasing flexibility of movement now. I would also expect that a lot of tenants relocating from other parts of the UK now with flexibility in their working patterns due to working from home would create extra demand in the York rental market.
Lastly, whilst one could argue that the stamp duty holiday (due to end at the end of June 2021) would allow first time buyers to get a foot on the housing ladder, if anything this has meant that York property is on sale meaning all buyers put more into the asking price and outbidding the tenant first time buyers.
With the stamp duty holiday coming to an end and the governments proposed 95% mortgages for first time buyers, this may have adverse consequences on the York rental market, but I still maintain that there will always be tenants out there looking for good quality rental accommodation. This can be seen by the level of attention York properties are getting on Rightmove (70.2 detailed property views per day per property), an increase of over 40% from the same time last year.
I’m not sure whether it surprises me that flats and apartments continue to be the property type that exhibits the greatest number of lettings in the York rental market. After lockdowns we’ve had over the last year, I would have thought tenants would be champing at the bit for some garden space, but conversely, they are generally more cost effective than houses.
One thing I will say is it doesn’t seem like the rental market is going to be slowing down any time soon.