Northern Ireland rents increase at fastest rate in the UK
RENT prices in the north have risen at more than twice the UK average over the past year according to a new report.
The latest Homelet Rental Index figures for October reveal that Northern Ireland has the fastest growing rents of any UK region, reporting a 4.5 per cent increase over the year.
The average rent in the north is now £653, compared to £625 in October last year. The figure, however is slightly down on the September total (£664).
The average rent in the UK is £928 and is up by 2.1 per cent on the previous year. Excluding London the average rent is £768, an increase of 1.7 per cent.
The average rent in London has gone up by 4 per cent over the year to £1,619, while in Scotland it grew by 4.2 per cent to £647. The average rent in Wales (£664) remained largely unchanged over the year.
HomeLet chief executive, Martin Totty said the latest figures are to be expected.
“Average UK-wide rents continue to increase year-on-year broadly in line with the current rate of inflation and the growth in average wages, meaning affordability in most parts of the country is little-changed," he said.
As the UK's largest tenant referencing firm, the HomeLet Rental Index provides the most comprehensive and up-to-date data on rental values in the UK.