Belfast Telegraph

Northern Ireland rents average £620 a month after yearly increase of 3.2%

By Margaret Canning

Rents in Northern Ireland have gone up by 3.2% over the last year to reach £620 a month, according to a survey today.

But the Homelet rental index said December average rents were down 0.2% on the month before in Northern Ireland.

Of 12 UK regions, Northern Ireland and the North-East had the joint-third highest rate of annual rent growth, compared to 4.6% in the East Midlands and 3.3% in the South-West.

Homelet chief executive Martin Totty said: "We continue to see a very mixed picture regionally; in areas of the country where rents rose less quickly in 2015 and 2016, rental price inflation was much higher last year.

"By contrast, those areas where rents were previously rising fastest have been seeing much more modest increases."

And he said performance was "some way off" the high rental price inflation of the last two years.

But despite the yearly increase, average rents in Northern Ireland were nearly one-third cheaper than in the UK as a whole, where the average weekly rent had increased by 1.7% to hit £907 a month.

London was the most expensive region for renting, with accommodation in and around the capital costing £1,530 per month in December, up 1% from £1,524 in December 2016.

However, rents have fallen in London on a month-by-month basis over each of the past five months.

And the South-East of England was the only region to register a year-on-year fall in rents during December, with rents now £989 per month. That was a fall of 1% on last year, and meant rents in the South-East were falling on an annualised basis in every month of 2017.

Belfast Telegraph

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