Aug 26 2021 04:50:00
The latest PropertyPal Rental Review shows that in Q2 2021, average rents in the North of Ireland have delivered growth of just 1.3%, to £682 per month. However, since this time last year, we’ve seen a more significant average increase of just under 5.8%.
Our district of Newry, Mourne and Down showing and increased percentage of 4.4% during this time. At present, the current average house rental price in Newry & Mourne is £583.00 per month.
The increase in average rents also reflects a continuation of the steady, general increase since Coronavirus arrived – particularly for semi-detached and detached homes.
The ongoing supply/demand imbalance is more pronounced in the rental sector. Record high demand has failed to be met with significantly constrained supply levels.
Overall average rental trends in the UK are similar to the North of Ireland as they continue to show the same resilience that’s been displayed since the start of the pandemic, growing 2.81% on this time last year.
The North of Ireland and all other regions in the UK have seen the relative affordability of renting decrease as average rents outpace wage inflation. The North of Ireland shows a slight percentage growth of 0.68% to 23.82% of wages spent on rent.