04
Sep
2018

Northern Ireland sees UK’s biggest rent rises

Buy to let landlords in Northern Ireland are picking up the biggest year-to-year rent increases in the UK, according to a new survey. Rents for private homes increased by 5.1% during the year to the end of June 2018, says tenant referencing firm Homelet, which compiled the data.

That added an extra £31 a week to rents, taking the average up to £641 a month. Monthly rent increases in Northern Ireland are also the highest in the UK. Between May and June this year, rents in Northern Ireland went up by 1.1% from £634 to £641 a month. The rate of rent increases has increased from zero a year ago, mostly swinging between 3.5% and 5.1% throughout the year.

Despite seeing the UK’s biggest rent rises, Northern Ireland is also the only UK region where wages are keeping pace with rents. In June 2017, the rent took a 26.3% slice of annual household income. This has nudged up to 26.4% over the past 12 months, meaning rent is not taking a larger slice of the household budget. 

Meanwhile, although Northern Ireland rents are well below the UK average of £924 a month, high rents in London are distorting the figures, where the average rent is £1,596 a month after a 4.7% year-on-year increase. The study also revealed 52% of landlords intend to put rents up within the next 12 months, while 31% confirmed they would keep their current rents and 17% said they were unsure about what to do.

UK rent data June 2017 - June 2018

Region

Jun-18

May-18

Monthly change

Jun-17

Annual change

Scotland

£652

£650

0.3%

£636

2.5%

Wales

£603

£604

-0.2%

£608

4.1%

Northern Ireland

£641

£634

1.1%

£610

5.1%

England

£833

£829

0.5%

£817

1.8%

UK

£924

£919

0.5%

£908

1.8%

 Source: Homelet

Newsletter

Sign up for our newsletter to receive up-to-date information on Tenancy Deposit Protection from my|deposits