A report released from lettings and estate agencies, Linley & Simpson and Hardisty, reveals that average rents in Yorkshire now sit at £1,283 per calendar month (pcm), a 5% rise year-on-year.

The report suggests the Renters’ Rights Act, which was implemented earlier this year, has not caused the disruption expected across the property sector in Yorkshire. Investment appetite continues to strengthen, with professional landlords growing their portfolios as well as new entrants being drawn to the market.

The insights show renters across the region are favouring two- and three-bedroom terraces and semi-detached homes. Data from Goodlord and Lomond IQ reveals that the average age of renters in Yorkshire is now 30.5 years old – with a mix of students living mostly in the cities, and families setting up home in the suburbs.

The sales market in Yorkshire is beginning to see a rise in demand compared to the start of the year. Leeds' northern and eastern suburbs, particularly Horsforth, Roundhay and Headingley, have seen increased interest over the last few months, continuing to attract everyone from first-time buyers to growing families.

Around 11% of property sales in Yorkshire took place via auction, compared to 6.9% during the same period last year, suggesting sellers are increasingly viewing auction as a credible, faster route to a sale.

David Mear, Managing Director, Linley & Simpson said:
“Momentum is expected to build into the second half of the year as mortgage rates ease further and the market absorbs the reality that the Renters' Rights Act has changed working practices without fundamentally reshaping the sector.

“On the sales side, the higher end of the market is showing signs of renewed activity in Q3 and that is anticipated to broaden as confidence continues to settle.”

For further information or to download the full report, click here.