Business

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
Gareth McKeown

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.

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