Northern Ireland

Rents for rooms in Northern Ireland 'increased faster than any other UK region'

Rents for rooms in Northern Ireland have increased faster than any other UK region over the last year
Rents for rooms in Northern Ireland have increased faster than any other UK region over the last year Rents for rooms in Northern Ireland have increased faster than any other UK region over the last year

RENTS for rooms in Northern Ireland have increased faster than any other UK region over the last year.

Figures from room letting website SpareRoom show a 14 per cent rise between February 2021 and February 2022.

The average monthly cost of renting a room was £424, compared to £371 last year.

The increases come amidst soaring food, fuel and housing costs, with people facing the worst financial squeeze in 60 years.

London saw a 13 per cent rise in rental prices, from an average of £705 last year to £796 this year.

Scotland and Wales saw 11 per cent and 10 per cent rent increases respectively.

Overall rents in Northern Ireland have shot up over the last few years.

This rise has been partly attributed to fewer properties going on the market.

According to a report from PropertyPal this year, the number of residential properties available to rent during 2021 was around 20 per cent below pre-pandemic levels.

The 17,500 rentals listed during 2021 were almost 5,000 below the typical annual total.

The average rent in the north at the end of 2021 was £698 per month, representing an annual rise of 5.4 per cent.

House rents rose steeper than flats, with increases of 6.5 and 3.5 per cent.