Business

Renting a home in north 'is rising faster than inflation'

The cost of renting a home in the north is rising faster than inflation, according to HomeLet
The cost of renting a home in the north is rising faster than inflation, according to HomeLet The cost of renting a home in the north is rising faster than inflation, according to HomeLet

RENTS in Northern Ireland are still rising faster than inflation, according to data from tenant referencing firm HomeLet.

In the last 12 months rents have gone up by 2.9 per cent to an average £639 a month, which is still well below the UK average (when London is excluded) of £760.

Average rents in London are now £1,597, up by 4.4 per cent on last year.

The largest year on year increase in November was Greater London, while at the opposite end of the scale rents in the north east of England fell by 3 per cent.

Martin Totty, chief executive at HomeLet, said: “Although on the increase, on average UK rents are rising slower than inflation at just 1.5 per cent.

“However, there are some areas of the country showing more extreme variance. London rents are continuing to rise at nearly double the rate of inflation, having seen a 4.4 per cent increase since November 2017.

“Meanwhile Yorkshire and Humberside has seen the greatest decrease in the last 12 months, despite a modest 0.4 per cent rise since October 2018, the region’s annual variance is negative 3 per cent.”

The trends reported within the HomeLet Rental Index are brand new tenancies, which were arranged in the most recent period, providing an in-depth insight into the lettings market.