THERE'S been a big fall in the number of rental properties coming onto the market in York - despite huge demand.
According to Office of National Statistics (ONS) figures in the first six months of this year a total of 1,451 rental properties came to market, a decline of about 530 when compares to the final six months of 2023.
Meanwhile from July 1 - December 31 last year new sales instructions in the York market numbered 1,958 rising to 2,357 for the first six months of this year - a rise of 399.
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As previously reported by The Press, rents in the city remain stubbornly high, seeing a 13 per cent rise in rent from April 2023.
Sam Carroll, head of residential lettings at York estate agent, Naish, said many landlords have chosen to switch to serviced lets or they are simply selling up because they are no longer viable investments with high interest rates eating into potential profits on properties with high mortgages.
"York is undoubtedly a very desirable location for many prospective tenants, with many first-time buyers looking to rent in a particular area before making the decision to purchase, as well as a large volume of NHS staff and university students looking to rent in the city," said Sam.
"We see a huge amount of interest whenever a rental property is put to the market, and although we do try and accommodate as many viewings as we can, people that are unable to view or miss out are often left disappointed.
"If you are a landlord looking to let out your property, choosing to do so on a longer-term basis can offer a more consistent and predictable income stream.
"This stability can allow for better financial planning and budgeting as you can rely on the regular monthly rent of a properly vetted tenant without the frequent fluctuations associated with a shorter-term let. A short-term let can often incur higher operating costs, including utilities, internet, and regular cleaning.
"With the UK election approaching, economic and regulatory changes are likely. Agents stay informed about political developments and having a professional manage your property ensures you are compliant with new regulations and can quickly adapt to changes, providing peace of mind and stability in an uncertain political landscape."
Property prices in the city have fallen slightly with the ONS saying the average price for a detached property in York sits at £503,000. For semi-detached properties the figure was £327,000; terraced properties were £273,000; and flats and maisonettes £196,000.
The average price of a home bought with a mortgage in York was £317,000 in February 2024.
This was lower than an average of £326,000 in February 2023. First-time buyers paid an average of £269,000 in February 2024. This was lower than the February 2023 average of £277,000.
City of York Council's executive member for housing, Cllr Michael Pavlovic, said: "House prices are stabilising slightly after many years of significant increases, partly due to mortgage interest rate increases and partly due to York wage inflation not matching those increased housing costs.
"On rents, because people cannot afford to buy this drives up demand for rented accommodation and consequently the rent levels that landlords can charge."
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