Menu
30/04/2010
Belfast Lettings Market Grows
Northern Ireland's boom-bust property market has sparked a major shake-up in Belfast's private rented sector.
This has produced a generation of 'reluctant landlords' but better-quality accommodation for a growing number of renters, according to a new research report.
The report, by online lettings site, Citylets, also highlights the gulf in renting costs in areas across the greater Belfast area, with leafier areas such as Malone, Stranmillis, Rosetta and Windsor contrasting sharply with areas such as Woodvale and Blackstaff.
The report reveals that the average monthly cost of a Belfast rental property in first quarter of this year stand at £544, a drop of 6.2% on the same period last year.
However, the average time it takes a landlord to let a property has come down significantly over the year, which suggests the over supply problems seen in some areas might be resolving themselves.
For example, one-bed properties are now taking an average of 38 days to let, some 23 days less than a year ago.
Citylets founder and Managing Director, Thomas Ashdown, said: "Northern Ireland’s property market rollercoaster has contributed to a seismic shift in people’s attitude to private renting.
"As the number of properties sold plunged, estate agents have been shifting emphasis from selling houses to managing lettings in response to the growing number of properties and tenants available.
"Those who can't or are unwilling to sell in the current market are letting, those who can't buy are renting. Additionally some who are in a good position to buy are simply putting it off until the sales market bottoms out."
The report shows that the downturn in rental values was not the same for all properties and varied according to size.
Average rents for one-bed properties fell by 4.4% in the year, to £455, while rents for two-bed properties fell 5.2% to £510. Rental costs for three-bed properties fell by 8% to £521.
Two-bed properties (including apartments and houses) – the largest sector of the rental market in Northern Ireland – saw a decrease in the average time taken to let of 13 days to 58 days.
Another promising signal for agents and landlords alike is that the proportion of properties renting in less than four weeks has more than doubled in the first quarter of 2010 (41%) from the 1st Quarter 2009 (19%).
The Citylets rental index for Belfast was initiated in January 2008 (100) and at March 2010 stood at 98.9 down just 1.1% down – over a similar period house prices have fallen by 26%, indicating that the private rented sector has adapted well to the downturn.
(NS/BMcC)
This has produced a generation of 'reluctant landlords' but better-quality accommodation for a growing number of renters, according to a new research report.
The report, by online lettings site, Citylets, also highlights the gulf in renting costs in areas across the greater Belfast area, with leafier areas such as Malone, Stranmillis, Rosetta and Windsor contrasting sharply with areas such as Woodvale and Blackstaff.
The report reveals that the average monthly cost of a Belfast rental property in first quarter of this year stand at £544, a drop of 6.2% on the same period last year.
However, the average time it takes a landlord to let a property has come down significantly over the year, which suggests the over supply problems seen in some areas might be resolving themselves.
For example, one-bed properties are now taking an average of 38 days to let, some 23 days less than a year ago.
Citylets founder and Managing Director, Thomas Ashdown, said: "Northern Ireland’s property market rollercoaster has contributed to a seismic shift in people’s attitude to private renting.
"As the number of properties sold plunged, estate agents have been shifting emphasis from selling houses to managing lettings in response to the growing number of properties and tenants available.
"Those who can't or are unwilling to sell in the current market are letting, those who can't buy are renting. Additionally some who are in a good position to buy are simply putting it off until the sales market bottoms out."
The report shows that the downturn in rental values was not the same for all properties and varied according to size.
Average rents for one-bed properties fell by 4.4% in the year, to £455, while rents for two-bed properties fell 5.2% to £510. Rental costs for three-bed properties fell by 8% to £521.
Two-bed properties (including apartments and houses) – the largest sector of the rental market in Northern Ireland – saw a decrease in the average time taken to let of 13 days to 58 days.
Another promising signal for agents and landlords alike is that the proportion of properties renting in less than four weeks has more than doubled in the first quarter of 2010 (41%) from the 1st Quarter 2009 (19%).
The Citylets rental index for Belfast was initiated in January 2008 (100) and at March 2010 stood at 98.9 down just 1.1% down – over a similar period house prices have fallen by 26%, indicating that the private rented sector has adapted well to the downturn.
(NS/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 August 2013
NI Property Prices Increase
Residential property prices in Northern Ireland increased for first time since 2007, according to a new report. The Northern Ireland Residential Property Price Index report for the second quarter of 2013 showed that between quarter one and quarter two, residential property prices increased by 2%.
NI Property Prices Increase
Residential property prices in Northern Ireland increased for first time since 2007, according to a new report. The Northern Ireland Residential Property Price Index report for the second quarter of 2013 showed that between quarter one and quarter two, residential property prices increased by 2%.
01 August 2014
NI Property Market Continues To Recover – Report
More people are renting property as the Northern Ireland market continues to recover, a new report has said. According to landlord insurance specialists Find Insurance NI, the number of rental properties in the province continues to increase.
NI Property Market Continues To Recover – Report
More people are renting property as the Northern Ireland market continues to recover, a new report has said. According to landlord insurance specialists Find Insurance NI, the number of rental properties in the province continues to increase.
27 April 2004
Lisney named as leading property agency in NI
Belfast consultancy Lisney has been named as the leading commercial property agency in Northern Ireland by the online version of leading property journal Estates Gazette. Lisney came out on top in Northern Ireland in the EGi Deals competition, which seeks to find the most active commercial property agents in the UK.
Lisney named as leading property agency in NI
Belfast consultancy Lisney has been named as the leading commercial property agency in Northern Ireland by the online version of leading property journal Estates Gazette. Lisney came out on top in Northern Ireland in the EGi Deals competition, which seeks to find the most active commercial property agents in the UK.
12 June 2009
Minister's Overhaul Of Private Rental Sector
Social Development Minister Margaret Ritchie has launched, for consultation, a new strategy to overhaul the private rental housing sector in Northern Ireland. This is the first time government backed initiative ever to address the private rented sector. Launching the consultation Ms Ritchie said the housing sector "needs to be overhauled".
Minister's Overhaul Of Private Rental Sector
Social Development Minister Margaret Ritchie has launched, for consultation, a new strategy to overhaul the private rental housing sector in Northern Ireland. This is the first time government backed initiative ever to address the private rented sector. Launching the consultation Ms Ritchie said the housing sector "needs to be overhauled".
09 August 2018
'Catastrophic Shortage' Of Social Housing Drives Rental Costs
The failure of the Department of Communities and the Housing Executive to address a catastrophic shortage of social housing is fuelling the rising cost of renting a home in Northern Ireland, Sinn Féin Housing spokesperson Carál Ní Chuilín has said.
'Catastrophic Shortage' Of Social Housing Drives Rental Costs
The failure of the Department of Communities and the Housing Executive to address a catastrophic shortage of social housing is fuelling the rising cost of renting a home in Northern Ireland, Sinn Féin Housing spokesperson Carál Ní Chuilín has said.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
