Menu
12/08/2011
Belfast Rentals Rise, But Still UK's Cheapest
The cost of renting a home in and around Belfast edged up in the last year - but is still good value when compared with the rest of the UK.
Still bolstered by a pick-up in demand from first-time buyers shunned by mortgage lenders and by those keeping well clear of the property ladder because of worries about the state of the economy, research showed today that the average monthly cost across all properties was £571 for the three months to end-June – up from £564 a year ago.
Prices for two-bedroom houses, which account for the bulk of the property rented in Belfast, increased by 7.6% over the year from £432 to £465 a month. However, despite the rises, privately renting a property in Belfast remains relatively cheap compared with the UK average of around £700 a month.
In Edinburgh, the monthly average cost of renting a home is nearly £200 more expensive, at £769, while renters in Dublin pay around £910 a month. In London, private renters pay more than £1,000 a month, said Citylets.
"With the residential property market still in the doldrums, the rental sector is continuing to thrive - particularly in and around Belfast," said Citylets Analyst Dan Cookson.
"Private landlords are benefiting from the current malaise in property prices because there are simply more people keen on renting. Those who would normally be looking to buy their first property after renting for a few years are waiting quite a bit longer, and the rental sector is benefiting from that.
"In Belfast, depending on the property and the area, the knock-on effect is that tenants are often extending their tenancies rather than moving out, so there is less movement within the existing rental stock. This means there can often be few properties to choose from."
According to the report, prices for a three or four-bedroom family home rose further over the year, increasing by 3.1% and 1.7% respectively, offsetting falls of 9.5% and 4.4% in the cost of renting one and two-bedroom apartments.
Around a quarter of all properties are let within a month. The average time-to-let now stands at 44 days, which is the lowest figure seen in the three years Citylets have been collating data on the Belfast rental market.
There also appears to be little chance of a downturn in prices - at least in the short term.
"Like the residential market, the rental sector in and around Belfast is at its busiest between July and September, as tenants jockey to move before the summertime ends," said Dan.
"As a result, we could see prices strengthen over the coming months, easing possibly towards the end of the year when things are traditionally much quieter."
(BMcC)
Still bolstered by a pick-up in demand from first-time buyers shunned by mortgage lenders and by those keeping well clear of the property ladder because of worries about the state of the economy, research showed today that the average monthly cost across all properties was £571 for the three months to end-June – up from £564 a year ago.
Prices for two-bedroom houses, which account for the bulk of the property rented in Belfast, increased by 7.6% over the year from £432 to £465 a month. However, despite the rises, privately renting a property in Belfast remains relatively cheap compared with the UK average of around £700 a month.
In Edinburgh, the monthly average cost of renting a home is nearly £200 more expensive, at £769, while renters in Dublin pay around £910 a month. In London, private renters pay more than £1,000 a month, said Citylets.
"With the residential property market still in the doldrums, the rental sector is continuing to thrive - particularly in and around Belfast," said Citylets Analyst Dan Cookson.
"Private landlords are benefiting from the current malaise in property prices because there are simply more people keen on renting. Those who would normally be looking to buy their first property after renting for a few years are waiting quite a bit longer, and the rental sector is benefiting from that.
"In Belfast, depending on the property and the area, the knock-on effect is that tenants are often extending their tenancies rather than moving out, so there is less movement within the existing rental stock. This means there can often be few properties to choose from."
According to the report, prices for a three or four-bedroom family home rose further over the year, increasing by 3.1% and 1.7% respectively, offsetting falls of 9.5% and 4.4% in the cost of renting one and two-bedroom apartments.
Around a quarter of all properties are let within a month. The average time-to-let now stands at 44 days, which is the lowest figure seen in the three years Citylets have been collating data on the Belfast rental market.
There also appears to be little chance of a downturn in prices - at least in the short term.
"Like the residential market, the rental sector in and around Belfast is at its busiest between July and September, as tenants jockey to move before the summertime ends," said Dan.
"As a result, we could see prices strengthen over the coming months, easing possibly towards the end of the year when things are traditionally much quieter."
(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%.
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.
02 February 2023
Belfast City Council Announces 7.99% Rates Increase
Belfast City Council has announced a rates increase of 7.99% across the council district for 2023/24 In real terms, this means an average monthly increase of: • £2.05 for a terraced property • £3.13 for a 3-bed semi-detached property • £6.97 for a 4-bed detached property • £1.98 for an apartment • £51.44 for an office property • £42.
Belfast City Council Announces 7.99% Rates Increase
Belfast City Council has announced a rates increase of 7.99% across the council district for 2023/24 In real terms, this means an average monthly increase of: • £2.05 for a terraced property • £3.13 for a 3-bed semi-detached property • £6.97 for a 4-bed detached property • £1.98 for an apartment • £51.44 for an office property • £42.
17 May 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.
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.
18 May 2016
Drop In NI House Prices
House prices in Northern Ireland have fallen by one per cent, according to the Department of Finance. The standard property price in Northern Ireland is now £117,500. However, prices are six per cent higher compared to the same time last year. The lowest house prices are in L'Derry and Strabane and the highest are in Lisburn and Castlereagh.
Drop In NI House Prices
House prices in Northern Ireland have fallen by one per cent, according to the Department of Finance. The standard property price in Northern Ireland is now £117,500. However, prices are six per cent higher compared to the same time last year. The lowest house prices are in L'Derry and Strabane and the highest are in Lisburn and Castlereagh.
-
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.
