Business

Northern Ireland rents remain among the lowest in the UK

The north experienced the lowest growth in rents in the entire UK last month

THE north experienced the lowest growth in rents in the entire UK last month new figures show.

The latest Landbay Rental Index, powered by MIAC revealed that in January, rents grew across every UK region for the first time in almost two years. Rents grew by an average of 0.07 per cent in January, marking what is expected to be the start of a year of sustained rental growth for the UK.

In Northern Ireland the monthly growth recorded of 0.01 per cent was the lowest out of all UK countries, while year on year growth of 0.99 per cent is above England (0.6 per cent) , but below Scotland (1.26 per cent) and Wales (1.45 per cent). The average rent in Northern Ireland now stands at £565 a month and remains the cheapest out of UK countries and among the lowest regionally. The average UK rent now stands at a record £1,198 per month, a 0.66 per cent increase on this time last year, while London rents (£1,876) remain around 2.5 times the rest of the UK (£760), but still £16 a month shy of the £1,893 record set in May 2016. Rents in London grew by 0.03 per cent in January, softening the year on year decline to -0.54 per cent.

Recent forecasts from Savills have predicted that rents will rise by 2.5 per cent this year, and by a cumulative 15.5 per cent over the next five years.

John Goodall, CEO and founder of Landbay said: “With all the tax and regulatory changes landlords have shouldered over the past couple of years, an uplift in rents has been on the cards for a while, and is likely to continue into 2018."

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