WITH the letting markets for Royal Ascot failing to take off, STEVE CARROLL looks at why York dreams of quick cash are not coming true.

HUNTERS Estate Agent says it is at a market price. Yet the two-bedroom modern terraced house in Tang Hall Lane is still waiting for a southern aristocrat to make a Royal Ascot booking.

It seems that a mere £4,860 for a six-day stay is a little too much even for Lord and Lady Jewels.

Why book a top York hotel, with all the trimmings, when you can take advantage of a downstairs toilet and a rear garden?

Here lies the misconception which may have clouded our minds since Ascot chose our city as its new home.

It began as a flurry of expectation. York's coup at landing the height of Royal patronage seemed simply too good to be true.

With thousands of cash-crazy racegoers preparing to descend on York, why not make a killing and rent your home - gathering up the thousands in profit? Only wait for the money to come rolling in.

But, so far, it hasn't happened like that.

Today, property website ascot-lets.com has 370 homes - from mansions to flats - available for rent. Yet, to date, only one has found a willing tenant.

That property is not even in York, but Thorganby.

Hunters is offering dozens. It has found tenants for just two. Andrew Lindsay, president of York and North Yorkshire Chamber of Commerce, says it is not going to get any better.

"If I am going away on business I get a hotel," he said. "I don't stay in the house of someone I don't know. If I can't get a hotel, I stay a bit further away.

"The very idea that York people are going to get their houses let to outsiders is completely unrealistic. People just don't behave like that."

The agents, though, are still optimistic. Brigitte Voss, who is handling Hunters' Ascot letting services, says there will be more interest next year.

She said: "It is a little bit of an unknown quantity. We are not going to get any huge response until the hotels and B&B's are full. I think people will still do really well.

"There will be a lot of negotiation on the original figures. This is an approximate rental figure which we would hope to achieve. There is plenty of potential for clients to arrange a successful deal."

Hunters evaluate their own rental prices, with regards to how many people a property can accommodate and its location.

The problem with the whole rental market is that there is no precedent. Mr Lindsay believes people do not look to book someone else's house on Royal racedays. Ascot knows they don't.

The road, rail and hotel links surrounding the Berkshire course are so good, the course says people simply do not need to pack up their bags and stay in unfamiliar surroundings.

Contrary to myth, Ascot punters don't go to the races on every Royal Meeting day. "I would certainly think the majority of people come for a day or two," a spokesman said.

"It's a different situation, in that London is fairly close and we have a fairly strong hotel infrastructure in the immediate area.

"The number coming for the whole week is minimal. On Ascot days, we would have up to 1,000 coaches here. That's an awful lot of people coming in by those means.

"The number of people who can budget £10,000 on staying in a house for a week - you could count them on two hands."

Steve Free, of ascot-lets.com, the website which first told people they may be able to rent their properties during Royal Ascot week, said the firm was not disappointed with the interest shown.

He said: "We represent more than 300-odd racegoers - that is a large amount of people.

"We are very encouraged that it will pick up."

Earlier this month at the Evening Press business awards, York Racecourse chief executive William Derby urged people not to trade off the city's reputation by getting greedy about Ascot.

"To be honest, the prospect of stories of unjustified rents and prices, whether for a bed or a butty, fills me with horror," he said.

"Racing folk pay a fair price for fair service. Unrealistic prices will lead to disappointment all round and will be quickly seized upon by the country's media in a very unfavourable light."

James Brennan, the racecourse's marketing director, said: "This is a world class international event. People want the right service, the right hotel, the right meal and that will be charged at a level of supply and demand.

"But William said that the pricing needs to be realistic and what we wouldn't want is the racing public being exposed to unjustified prices.

"This is a huge opportunity for York businesses, but only if the price is justified and realistic."

Mr Lindsay would no doubt concur with the point. Perhaps it is time we all started to take notice.

Updated: 11:24 Monday, November 29, 2004