NI rents up again to record high

Posted: 13/5/2022

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Northern Ireland rents, like the rest of the UK, are up again in April, having seen a month on month rise. The average NI rent is now £721 per month according to figures from HomeLet. That's a 7.6% rise in 12 months, slightly less than the UK average at 7.9%. The average NI rent is also still well below the national average of £920 (excluding London). Rents are moving with house prices despite the government trying to force private landlords out of the sector with tax rises. Whilst many landlords have sold up, large numbers are buying, as residential buy-to-lets are still seen as a sound investment. As for the tax rises, well landlords have done exactly what they told the government they would do - pass them onto tenants. The proclaimed intention of the landlord tax rises was to make it easier for fist time buyers, but despite the government being told that it would only make it more difficult, they went ahead anyway. Higher rents just make saving for a deposit more difficult. Meanwhile the Private Tenancies Bill is trying to make its way through Stormont. How that will finally look will be interesting.......

Key One Property offer VAT-free letting and management services to landlords in the Greater Belfast area. 

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