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07/08/2012
Returns Up For Private Landlords In Belfast
Rent prices are remaining high in Belfast, research published today has found.
A large number of potential tenants continue to want to rent property in Belfast, and the average monthly rent in the city was £572 at the end of June, figures compiled by online agency Citylets showed.
That was £1 up on last year.
Demand for two-bedroom flats and apartments rose, however, and the average price paid up 4.1% on the year to around £565 a month while the price paid for two-bedroom houses fell by the same percentage to £446 a month.
Rental market analyst Dan Cookson said: "With no real sign of an end to Northern Ireland’s continuing house price decline, many prospective first time buyers are unable to take advantage of the reduced prices because of constraints to finance – and this is keeping them renting for longer."
Citylets said that it was clear landlords had enjoyed steady returns recently.
According to their rental index, Belfast rent prices have risen by 2.1% since 2008, but house prices have fallen by 44% in the same period.
And annual returns on investment look set to keep rising, so potential landlords should consider buying-to-let.
Mr Cookson said the trend was good news for renters too, because as the quality of rented homes improves people see it as a way to "weather the recession".
And Nicholas Brennan of Morton Pinpoint said that in some parts of North Belfast, rental yields are approaching 10% of properties' capital value.
(NE)
A large number of potential tenants continue to want to rent property in Belfast, and the average monthly rent in the city was £572 at the end of June, figures compiled by online agency Citylets showed.
That was £1 up on last year.
Demand for two-bedroom flats and apartments rose, however, and the average price paid up 4.1% on the year to around £565 a month while the price paid for two-bedroom houses fell by the same percentage to £446 a month.
Rental market analyst Dan Cookson said: "With no real sign of an end to Northern Ireland’s continuing house price decline, many prospective first time buyers are unable to take advantage of the reduced prices because of constraints to finance – and this is keeping them renting for longer."
Citylets said that it was clear landlords had enjoyed steady returns recently.
According to their rental index, Belfast rent prices have risen by 2.1% since 2008, but house prices have fallen by 44% in the same period.
And annual returns on investment look set to keep rising, so potential landlords should consider buying-to-let.
Mr Cookson said the trend was good news for renters too, because as the quality of rented homes improves people see it as a way to "weather the recession".
And Nicholas Brennan of Morton Pinpoint said that in some parts of North Belfast, rental yields are approaching 10% of properties' capital value.
(NE)
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Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
