20
Nov
2018

Property angels boost Northern Ireland housing projects

Property angel investors (wealthy individuals and businesses that invest in property in exchange for equity), are flocking to fund developments in Northern Ireland by pumping money into online peer-to-peer platforms.

A housing project in Limavady has just picked up £1.3 million funding from Blend Network Funds - the platform’s largest Northern Ireland investment. Peer-to-peer lending allows investors to pool funds to reduce the risks associated with funding. The platform says 50 property angels loaned between sums of between £1,000 and £75,000 to the project, which quotes a 12 per cent a year return. Blend Network Funds has completed several other recent Northern Ireland projects.

A recent report by the Royal Institution of Chartered Surveyors identifies Northern Ireland as the UK’s best performing housing market.

Meanwhile, the latest rent statistics from leading tenant referencing agency Homelet pinpoint Northern Ireland as the UK’s buy to let hotspot with the highest year-on-year rent rise. Rents paid by private tenants increased by 4.5 per cent in the year to October 2018 - taking rents from an average £625 a month a year ago to £653 a month. Average buy to let rents for the UK in October were £928 a month - buoyed by rents in London of £1,619 a month.

The highest rent increase outside Northern Ireland was 4.2 per cent in Scotland. The worst performer was North East England, where rents fell by 2.5 per cent in the year from £528 in October 2017, to £515 a month last October.

UK rents - October 2018

Region

Ave rent Oct 2018

Ave rent Oct 2017

Annual change

Northern Ireland

£653

£625

4.5%

Scotland

£647

£621

4.2%

Greater London

£1,619

£1,556

4.0%

South East

£1,010

£977

3.4%

South West

£811

£790

2.7%

East Midlands

£628

£618

1.6%

West Midlands

£693

£683

1.5%

East of England

£908

£901

0.8%

North West

£697

£692

0.7%

Yorkshire & Humberside

£631

£628

0.5%

Wales

£614

£612

0.3%

North East

£515

£528

-2.5%

 

 

 

 

UK

£928

£909

2.1%


Source: Homelet

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