Rents up nationally - except Northern Ireland

Posted: 8/3/2021

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Despite Covid, rents are up across the UK with two exceptions: Northern Ireland and Greater London, according to new figures*. We think that we know why that was here - NI had a large number of holiday homes or "AirBnBs", particularly in Belfast. The tourism market was devastated by Covid and most of those properties were transferred to the normal rental market. This saw an initial decline in rental prices in some areas, most notably in Belfast city centre where there were a large number of AirBnBs. As a double whammy, many city centre workers have either been furloughed or sent home to work, and the demand for central rent accommodation also fell. The prospect is however cautiously optimistic: demand for short lets is on the up (buoyed by the big Netflix film being made in Belfast), with an anticipated end to lockdowns, we should see tourism numbers starting to return (although it could be 2022 for this to be significant) and as the city centre re-opens, demand for normal rentals should also start to increase. 

Key One Property offer services for both short and long term rentals. 

*figures from Homelet

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