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Short(ish)-term property rental in/near York

4 replies

DadManners · 12/02/2022 23:33

Oh, the property market. Sigh. And specifically the York property market. Hoping people can offer some tips.

[Warning: long brain dump follows...] Wink

Our situation is this... we need to relocate to somewhere around York this year, and preferably earlier rather than later. We want to buy a house and have a preferred area in mind but there's not much available, and we're quite fussy on a few aspects, so goodness knows how long it'll take for the 'right' place to come up. (To say nothing of all the competing buyers and the survey and chains and the rest of the purchase process... it's a wonder anyone ever manages to move house.)

So, despite our initial dislike of the idea, we're gradually coming to the conclusion that we should rent at first instead. Obviously that would simplify our own house sale, and would give us a chance to get to know our new location that bit better (although we've already done a good bit of familiarisation... and I'm getting impatient now!). Paying rent feels like a big waste of money when compared with putting the same cash into a mortgage... so easy to spend around £1k/month on rent alone, which comes as a bit of a shock when we used to pay not much over half that in our old area before we bought our current house. But I know we're effectively buying convenience (or feasibility) and many people are in a worse position than we are, so I shouldn't grumble.

The main difficulty is that we want as little delay as possible to buying somewhere. Yes, we'd rather be putting the cash into a mortgage, but also we'd much rather get settled in our eventual home as soon as possible. Not only that, but interest rates are already rising and forecast to go up further, so it would be good to avoid ending up with a higher mortgage rate by the time we find somewhere to buy.

I thought the best compromise would be to go for somewhere with an initial 6 month rental contract, but it turns out these are like hen's teeth. I suppose the vast majority of landlords just want long term prospects and less churn to deal with. I was expecting it to be a much smaller range of rentals but going by the usual property portals, there was literally only one (unsuitable) place listed as a short term let in our (reasonably wide) search area.

So getting to the point (well done and thank you if you're still with me), I'm wondering if anyone on here has experience of the rental market in York and surrounding areas, and specifically with regard to terms shorter than 12 months. I seem to be getting mixed messages from estate agents as to how rigid the initial term is, and some listings specify 12 months and others just say "long term" (which maybe means the same thing, but I don't know if that's a universal interpretation). We did enquire about one house recently that would have suited us nicely, and the agent curtly informed us that the landlord was looking for at least 1-2 years' tenancy and there was a big enough list of prospective tenants interested to be assured of that, so good luck and push off (not quite verbatim, but that's how it came across).

It feels like a bit of a hole in the market, short-term rentals somewhere between the days/weeks approach of Airbnb etc and the standard rental terms of 12+ months, which the likes of Rightmove deal with. I wondered if there might be the odd place to be found in Facebook groups and the like, but they can be hard to trawl, and it feels a bit risky. Not sure if there are any other sites we're missing.

I'm starting to think we'll have no option but to go with a 12-monther at the lower end of our budget, but thought it worth asking here just on the off-chance that others have been through the same situation. Thanks in advance for any pearls of wisdom that you can share!

OP posts:
DadManners · 13/02/2022 22:20

Odd. Confused MN emailed to say someone had replied, but if so, they must have changed their mind. Wondering if I should have posted this in the property section as I'm not sure the York board gets much traffic (must be the only bit of York that doesn't Wink), but was hoping for local knowledge so I'll leave this here just in case!

OP posts:
2022days · 18/02/2022 20:51

Hi @DadManners I’ll bite, as we find ourselves in pretty much the same situation. Not to discourage you, but we sold our house last year, jumped into rental (in another part of the country) with the ‘oh it’ll be temporary until we find something’ approach…yet, here we are. Just this week, I almost panic offered on a place to buy as it felt like the agent was suggesting it would be a long time before anything else with our criteria may come on etc.

I’ve come to conclusion we’ll have to rent in York and take the hit on a 12m contract (as it’s still ok to wriggle out of them 6months in, you only have to pay the difference if they don’t fill with other tenants at your exit date). So picking a rental in a popular area is probably the way to go?

Or failing that, start your own agency for short term lets, break clauses included, might not be the worst idea, you’d certainly get first dibs on the properties Grin

DadManners · 19/02/2022 12:31

Thanks @2022days, I had been thinking how 6m could easily turned into 12 or more anyway, especially as we have pretty tight criteria for somewhere we'd want to buy - i.e. we're holding out for a very specific area, and that's even before you get into the details such as detached (very restrictive), 2 bathrooms etc etc (plus the chances of an offer being rejected or falling through).

So maybe we should stop agonising and just accept we'll have to spend a lot on rent to make this happen. It'll be pretty frustrating if we do then happen to find somewhere to buy quickly, but as you say, best case would be getting out of the agreement early anyway. If it just comes down to them being able to find new tenants, I can't see that being a problem with the way the York rental market seems to be just now! Although I'd have thought the policy might vary between different landlords and agents, not least as landlords really have the upper hand. (Would some people still charge the remaining term even if they found new tenants? You'd hope not, but I wouldn't bet either way...)

Anyway, thank you for sharing your experience and good luck with everything... if you have the time and inclination you could keep us posted on how it goes. :)

OP posts:
RoseZinfandel · 19/02/2022 12:49

We did the same thing a few years ago -rented for 12 months in a new area before buying (close to York actually, but not in the city, so can't help with that.)
We kept an eye on the market but didn't start actively looking at properties until 6 months in.
By that time, we had a really good idea of exactly where we wanted to be, and what houses were selling for. We actually changed our mind on area a little after actually living there for a bit. We would have chosen a slightly more expensive area, but the one where we have ended up actually suits our needs better.

Because we were renting, we could be flexible with exchange and completion dates, and I think that made us attractive to our potential buyers - it was a fast-moving market, and houses were selling within days, with lots of offers.

We saved money on rent by going for a small flat and putting furniture in storage, with the idea that it was only temporary. It was a squeeze for a year, but worth it. It meant we didn't have to move on completion day, we took a couple of weeks decorating etc first, and just kept our flat on until the 12 months was up. It meant we had the chance to clean up the old flat and ensure we got our deposit back too.

It was really positive for us renting first, and I'd do it again if we ever move area again.

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