Menu
17/05/2011
Belfast Rent Prices Climb 4%
Property renters living in and around Belfast are paying 4.2% more in rent than they did a year ago, according to the results of a new report published today.
Leading online lettings site Citylets said strong demand from would-be first-time buyers had helped to push up average rent prices over the last 12 months, particularly for one-bedroom apartments, which recorded a hike of almost 8%.
According to Citylets' latest quarterly report on the private rented sector in Northern Ireland, the average rent paid across all property types at the end of March was £567- up from £544 a year ago.
The average monthly rent for a one-bedroom apartment was £492 against £456 at the end of March last year, while the average monthly rent for a two-bedroom apartment grew by almost 3% to £587.
The price of renting a three-bedroom home rose by 4.5% to £531 a month, while two-bedroom houses kept steady at around £446.
"Estate agents right across the Belfast City and Greater Belfast areas have seen no let-up in demand from private tenants still wary of making the move into home ownership," said Citylets market analyst Dan Cookson, who compiled the report.
“Although the number of mortgage products on offer from the banks is increasing, the size of the up-front deposit required continues to deter many people from getting onto the property ladder just yet."
The Citylets report also noted that ongoing worries about the impact of planned public sector job cuts, higher costs of living and rising energy prices were making that decision all the more difficult.
Dan added that it was no surprise the average age of the UK’s first time buyer was now 37, with the extra demand in the rental sector prompting landlords to up their charges - at least in line with inflation.
"Belfast remains one of the best value cities in the UK and Ireland in which to rent a property, however, and for private landlords who bought before the boom, rental property in Belfast still offers steady, long-term investment potential," he went on.
The report was cautious about the outlook for prices over the longer term and warned that the upcoming change in the rates regime could have a significant impact on sector prices.
From this October, property owners will be required for the first time to pay rates even when the property is empty, and all empty properties will be charged rates regardless of whether or not they are in the rental sector. For the owner of an empty regular two-bedroom terrace, this could mean an extra annual bill of around £750.
Dan added: "Demand for rental properties tends to be at its strongest between July and September, so we expect the market to remain strong until then, but we’re a little more uncertain about October onwards.
"We could see more rental properties coming on to the market as property owners try to recoup the rates money by getting in tenants or - for those who are already in the rental market - we could see a bigger adjustment in prices as landlords drop rents to avoid lengthy gaps between tenancies."
(GK/BMcC)
Leading online lettings site Citylets said strong demand from would-be first-time buyers had helped to push up average rent prices over the last 12 months, particularly for one-bedroom apartments, which recorded a hike of almost 8%.
According to Citylets' latest quarterly report on the private rented sector in Northern Ireland, the average rent paid across all property types at the end of March was £567- up from £544 a year ago.
The average monthly rent for a one-bedroom apartment was £492 against £456 at the end of March last year, while the average monthly rent for a two-bedroom apartment grew by almost 3% to £587.
The price of renting a three-bedroom home rose by 4.5% to £531 a month, while two-bedroom houses kept steady at around £446.
"Estate agents right across the Belfast City and Greater Belfast areas have seen no let-up in demand from private tenants still wary of making the move into home ownership," said Citylets market analyst Dan Cookson, who compiled the report.
“Although the number of mortgage products on offer from the banks is increasing, the size of the up-front deposit required continues to deter many people from getting onto the property ladder just yet."
The Citylets report also noted that ongoing worries about the impact of planned public sector job cuts, higher costs of living and rising energy prices were making that decision all the more difficult.
Dan added that it was no surprise the average age of the UK’s first time buyer was now 37, with the extra demand in the rental sector prompting landlords to up their charges - at least in line with inflation.
"Belfast remains one of the best value cities in the UK and Ireland in which to rent a property, however, and for private landlords who bought before the boom, rental property in Belfast still offers steady, long-term investment potential," he went on.
The report was cautious about the outlook for prices over the longer term and warned that the upcoming change in the rates regime could have a significant impact on sector prices.
From this October, property owners will be required for the first time to pay rates even when the property is empty, and all empty properties will be charged rates regardless of whether or not they are in the rental sector. For the owner of an empty regular two-bedroom terrace, this could mean an extra annual bill of around £750.
Dan added: "Demand for rental properties tends to be at its strongest between July and September, so we expect the market to remain strong until then, but we’re a little more uncertain about October onwards.
"We could see more rental properties coming on to the market as property owners try to recoup the rates money by getting in tenants or - for those who are already in the rental market - we could see a bigger adjustment in prices as landlords drop rents to avoid lengthy gaps between tenancies."
(GK/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
21 February 2023
Housing Executive Announces 7% Rent Increase
The Northern Ireland Housing Executive (NIHE) has announced a 7% rent increase from 04 April, 2023. This equates to an average increase of £4.86 per week and will bring the average rent for a Housing Executive home to £74.
Housing Executive Announces 7% Rent Increase
The Northern Ireland Housing Executive (NIHE) has announced a 7% rent increase from 04 April, 2023. This equates to an average increase of £4.86 per week and will bring the average rent for a Housing Executive home to £74.
10 February 2011
Harsh Winter 'Moderates NI Rentals'
Anxiety over falling house prices, job security and obtaining an affordable mortgage continued to prop up rental values in Belfast in 2010. However, a new report also revealed today that after the hefty 7% jump in private rent prices recorded over the first nine months of 2010, prices fell by 4.
Harsh Winter 'Moderates NI Rentals'
Anxiety over falling house prices, job security and obtaining an affordable mortgage continued to prop up rental values in Belfast in 2010. However, a new report also revealed today that after the hefty 7% jump in private rent prices recorded over the first nine months of 2010, prices fell by 4.
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%.
20 February 2013
NI Property Prices Continue To Fall
Residential property prices continue to fall in Northern Ireland. Over the year to the end of December 2012, prices fell by 13%, according to the latest report by the Northern Ireland Statistics and Research Agency (NISRA). The Index measures change in the price of residential property sold in Northern Ireland.
NI Property Prices Continue To Fall
Residential property prices continue to fall in Northern Ireland. Over the year to the end of December 2012, prices fell by 13%, according to the latest report by the Northern Ireland Statistics and Research Agency (NISRA). The Index measures change in the price of residential property sold in Northern Ireland.
21 November 2012
Residential Property Prices Drop By 12%
Over the year to the end of September 2012 residential property prices fell by 12%, according to the latest Residential Property Price Index. Between April - June 2012 and July - September 2012 residential property prices fell by 1%.
Residential Property Prices Drop By 12%
Over the year to the end of September 2012 residential property prices fell by 12%, according to the latest Residential Property Price Index. Between April - June 2012 and July - September 2012 residential property prices fell by 1%.
-
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.
