Emsleys Estate Agents Logo Posted: 15th February 2023

The Lettings Market Update

Mortgage rate rises mean rent rises

The rise in the mortgage rates has seen the media start talking about how this may impact the private rented sector. It will, of course, have an impact on those landlords who are highly geared and will lead to them having to either increase rents or force them to sell their properties. In our area we have been experiencing rents increases of 10% on new lets and 3-4% on renewals.

Market to remain static

These may cushion the blow for some landlords where yields are higher, but landlords with high value properties and low yields may find navigating through the increased costs much harder. For those lucky enough to have low borrowing or no borrowing then they will be looking closely at the proposed changes in letting regulations and/or tax changes as to whether they remain in the sector. No one is predicting a growth in private rental sector (PRS) but rather that it remains static into next year.

Supply and demand

With fewer rental properties and no predicted decline in the demand for rentals, the rents will not decline. At best they may remain static with only a modest incline as affordability for tenants must be considered. Income is not increasing with inflation and the referencing service we use have a rent to income ratio of 33% for a tenant to pass affordability, e.g., if the rent is £800 pcm they must earn £24000 pa. The average wage in the UK in 2021 according to the ONS was £38131 pa full time. This would equate to a rental of £1271 pcm. If rents exceed these levels, then a guarantor may be used to secure a letting.

Seasonal lull

Over the last month we have found that the market is becoming a little less frenetic with fewer enquiries. This often happens as we go into the Winter months and Christmas presents are needed. People’s priorities change and if they don’t have to move, they will stay in their homes until the New Year. However, there is always some that need to move. This year we are also seeing tenants moving for more energy efficient smaller homes as energy costs soar and as the Winter bites it will be interesting to see if this trend continues.

In conclusion, rental prices are higher in 2022 than in 2021, the market is still busy and unless there is a flood of new rental properties to the market then it is unlikely that prices will reduce although the rate of ascent will slow and may remain static because of tenant’s ability to pay.

The Lettings Market Update
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AllAgents

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Definitely the agent to go to! My recent experience as a buyer of a property through Emsleys Estate Agents was second to none! All thanks go to Carol branch negotiator!! Carol went over amp;... Read more
Avril Leach

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Simple process, good response time, straight forward transaction. Thank you Read more
Carl

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The whole team have been amazing with myself and my partner Sean even though we were only purchasing from them they all went above and beyond in helping us buy our forever home. Read more
Nicola

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Superb service from start to finish. Nothing has ever been too much trouble. We were given a realistic price to sell at. Carol and Amber have been accommodating and professional throughout. I... Read more
Louise Edwards

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Excellent service from Emsleys, Carol and Jarred were both great at keeping us informed would highly recommend. Read more
Alison Kirk

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I recently had the pleasure of working with Emsleys Estate Agents to sell my house, and I couldn\'t be happier with the experience. From start to finish, their professionalism, expertise, and... Read more
Rufus Watson

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I used Emsleys to sell my 4-bed house. Jared showed great knowledge of the area and comparable properties, and due to the great position and condition, recommended a valuation pound;35k higher... Read more
Phil Morgan

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Our sale process turned out to be much longer than expected due to issues in our chain. Throughout the process Carol worked hard to speed things up and keep us informed at all times. Highly... Read more
David Gigg

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Was buying my first property and did not know process very well. Where very helpful in explaining the procedure. Very quick to reply and was easy to arrange a viewing Read more
Joe

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As a buyer with a terrible solicitor, I found Emsleys to be very helpful. I wish we could have used their solicitors but the seller used them. They kept pushing our solicitor to achieve a great... Read more
Helen Gourlay

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I recently bought a property for sale through Emsleys in Sherburn-in-Elmet and I couldn't have wished for a better service. All the staff were friendly and helpful during what became a very... Read more
Lisa Taylor-Smith

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Elmsleys has been absolutely outstanding in all respects. We have dealt with Carol Flynn who has been amazing throughout the process of our sale and purchase. She has expertly liaised with all... Read more
Sarah Rawlings

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The entire process was perfectly guided and well maintained with vigilant services leading to my satisfaction. Read more
Agha Muhammad Shaharyar

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In a complicated house sale Lisa and the team at Emsleys were really helpful. Often as a buyer in the process you feel ignored but Lisa was respectful and really supportive throughout! Honestly I... Read more
Elena

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Carol Flynn : she was very helpful and handled every enquiry quickly and professionally Thank you for all your help you made this process much easier Read more
Philip Macandrew

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Very helpful. Easy and quick process. Good communication all around and very pleased with the experience. Read more
Callum convy

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Can\'t thank the team at emsleys in crossgates enough! I was selling my non standard construction property and the knowledge and advice was fantastic. The team were always there to reassure... Read more
Leanne Meadowcroft

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Fantastic Estate Agents, have assisted me immensely during my house buying process. David and Natalie were always very polite and professional, keen to solve my queries and keep me updated during... Read more
Christiana A

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5* service from Emsleys on the sale of my house, Lisa was my key contact for my sale and was absolutely instrumental in the smooth running of my transaction and always kept me fully up to date.... Read more
Juliet Gough

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From initial contact through to Exchange, proactive and attentive. Happy to recommend. Read more
Mike Burton

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I found the staff to be throughly professional, market aware and approachable. They took on board what I was looking for and appropriate properties where passed forward for me to consider. I would... Read more
Aaron Casey

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The selling of our home with Emsleys Estate Agents - Garforth was an absolute dream. Emma who came to do the original valuation was super friendly and helpful and explained all costs and charges... Read more
Shawney Mcgreavy

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We were at the top of what proved to be a difficult chain at the bottom, but Lisa and Amber were so brilliant - always chasing down the chain and keeping us informed of every communication. They... Read more
Donna Donnelly

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Amazing support through the whole buying process. Forever grateful and highly recommend. Read more
Patrycja Andrys

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Kept informed and updated through out my home sale, everything went smoothly and quickly with helpful and knowledgeable staff to assist. Cannot fault the service. Read more
Lorraine edwards

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Kept informed and updated through out my home sale, everything went smoothly and quickly with helpful and knowledgeable staff to assist. Cannot fault the service. Read more
Lorraine Edwards

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Brilliant Estate Agents. Always helpful, friendly and contactable - either via email or telephone. Great contact between buyer and seller and help to chase things down and get things moving. Read more
Stacey Gearing

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We found Emsleys Estate Agent to be professional, responsive and friendly, with a genuine concern for myself and sister during the sale of our mother\'s house. I would highly recommend them. Read more
Rachel

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Great experience selling our property through Emsleys. The Sherburn office kept us updated throughout the entire process. Would highly recommend. Read more
Rhian Hibberd

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Carole and her team were always very helpful and always professional. Emsleys estate agents provided outstanding service throughout my sale from start to finish. I couldn't have asked for more. Read more
Janice Barnard

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Very helpful at every stage, I would recommend to others. Read more
Laura Jackson

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Lisa, Emma and Amber were all fantastic from our initial query to completion day. They went the extra mile for us to communicate with our seller when needed. They also responded in excellent time... Read more
Sophie Roberts

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Absolutely exceptional service! Emsleys recently sold my house and I was so glad that I selected them to work with. They were very professional, accurate on valuation and from start to completion... Read more
Emma

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Really friendly staff, great service, I felt looked after- would recommend. Read more
AGATA NOWACZYK-NOLAN

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Excellent service from start to finish, I can highly recommend this company. Read more
Lee Carruthers

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Working with Emsleys Crossgates Estate Agents on the sale of my property was very easy - their communication was great and reactions to any queries that would delay things was spot on! Huge thanks... Read more
Jane Frost

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Excellent service from all the Rothwell team from start to finish. They kept me up to date throughout the sale of my house Read more
John

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Carol was amazing throughout our full journey selling our house. She was always there to answer our calls and help explain things. We would go as far as saying she went above and beyond to help us.... Read more
Charlotte May

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Fabulous service from start to finish Emma, Lisa and Amber were very friendly, helpful and always available to help at each stage of the selling process nothing was too much trouble. Read more
Monica Ladle

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Generated huge interest in our home after listing with another agent without success. Was on the ball throughout the sale and kept us up to speed with not only our sale but the rest of the chain Read more
Anthony Doone

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We have recently sold our property through Emsleys in Sherburn, we had a very good response to the market and agreed on our sale within 3 weeks. Carol is very professional and a very nice helpful... Read more
Claire Joynson

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Excellent efficient service from start to finish from the Emsleys team, and Carol in particular. Thanks very much! Read more
Daniel Fugler

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Our experience with Emsleys was second to none. Carol especially was so helpful and everything went through as smooth as possible. Any queries she was able to answer and if not she did everything... Read more
Beth Ellis

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We have had a great experience with using Emsleys. They have provided fantastic communication with us and put us at ease with the whole transaction. We couldn't recommend them enough for the... Read more
Kimberley Murphy

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So happy with everything emsleys have done to help us sell our home. Carol has been amazing and helped us keeping track with the process of selling. Thank you so much x Read more
Jessica Reed

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Carol was amazing in helping us with our house purchase. She guided us through the processes, explained everything to us, and provided regular updates which we greatly appreciated given that we... Read more
Rosie Brookes

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Carol has been so incredibly helpful, communicative and has helped get the sale through. Couldn\'t have asked for better service. Read more
Jessica Walker

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Purchased my home through the Sherburn in Elmet branch. Carol amp; Amber were so helpful throughout the whole process, they kept me up to date and liaised with the solicitors etc. would use again,... Read more
Roz Armitage

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Provided excellent advice re selling by modern method of auction. Read more
Deborah Gower

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Emsleys Sherburn in Elmet went above and beyond from start to finish!! You made the process so much easier. I thank my lucky stars we bought and sold through you guys. A special HUGE thank you... Read more
Chloe Griffiths
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