According to new insight from the Residential Landlords Association (RLA) tenants across the UK are on average living in private lets for four years or more.
Sixty per cent of York tenants are aged 18-29-year-olds, which provides the city with an engaged tenant market.
However, the York property market has undergone some key changes over the past year. That’s why family-run lettings and estate agents of York, Quantum, has reviewed the latest rental indexes from the UK’s biggest property search portals to reveal three key changes to renting in York.
1. York’s average rent is on the rise
York’s average two-bedroom let currently costs £825 per month, which is approximately £37 more per month compared to 2018. In addition, York’s total rental market value has increased by 7.5%. Property experts are crediting this change to landlords reducing their property portfolios, and to an increase in first time buyers (80% of first time buyers exited the private renting sector in 2019).
2. The up and coming areas of York
The Land Registry recorded a 2.14% increase in mortgage purchases in York; and over the last 12 months Acomb, Heworth and Huntington have been the top three areas for buying a house in the York area. In terms of renting though, the areas differ.
The following postcodes recorded the highest year-on-year increase in rental costs:
• YO10 up by 30% (the areas Heslington, Fulford and Osbaldwick)
• YO23 up by 11% (the areas Bishopthorpe and Copmanthorpe)
• YO24 up by 7% (the areas South Bank, Foxwood and Dringhouses)
While the three postcodes below recorded a decrease or the smallest increase of the postcodes analysed:
• YO26 down by 5.5% (including Acomb, Holgate and Upper Poppleton)
• YO1 down by 4% (city centre)
• YO31 up by 1% (including the areas Heworth and Tang Hall)
3. But York and Yorkshire are still one of the most affordable places to live
While York is one of the more expensive Yorkshire cities to rent in (10% higher than Leeds and Harrogate), the city nevertheless remains one of the more affordable UK cities. Latest figures reveal that a typical tenant spends 31.8% of their income on rent, while a typical tenant of Yorkshire and the Humber spends just 25%.