Renting in Northern Ireland continues to get more expensive, with fresh data revealing that monthly payments have risen by nearly 10% since this time last year.
And that’s nearly twice the average for new lets in the UK, where rents have risen 5.4% in the last year, the slowest rate of growth in three years.
According to online portal PropertyPal’s latest monthly market snapshot of the housing scene in the north, rents have increased by 9.9% year-on-year, despite enquiries dropping by 8%.
The average monthly rent is currently £829, the barometer says.
It is thought that high demand and a low supply of properties are continuing to keep rents high.
Among other trends in the latest publication ( https://bit.ly/4d5ZMA3), house sales in August increased by 11% compared to August 2023, while sales enquiries rose by 5% year-on-year on PropertyPal’s website.
The average price of a new build property in August was £246,300, reflecting a 4.3% year-on-year price growth.
The average house price for first time buyers in Northern Ireland stands at £174,500, resulting in an estimated monthly mortgage payment of £897 (based on a 10% deposit), the data shows.
PropertyPal chief executive Jordan Buchanan said: “Northern Ireland house prices and sales volumes gained momentum throughout the summer, buoyed by renewed confidence following the recent easing of interest rates.
“Over the past 12 months, prices have grown by 5.4%, a trend seen across most areas of Northern Ireland.
“While affordability remains a significant challenge for many prospective buyers, underlying demand signals a strong autumn ahead, reflected by a 5% annual increase in new enquiries to estate agents.
“Additionally, newly agreed sales - a key indicator of market demand - rose by 11% year-on-year, with approximately 2,300 properties agreed during August.”
He added: “As the market enters a typically busy period, it looks like it will carry the summer momentum into the autumn for continued growth in the coming months.”
