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Rental Market Update

May 22 2020 11:03:00

Is the below report from Home Let following the recent re-opening of the English property market a sign of things to come in the North of Ireland when we return from Lock-down?

The interest we're experiencing at present on vacant properties backs up Home Let's statistics.

We are looking forward to commencing viewings in a safe and controlled environment when government guidelines allow us to do so.


Demand for rental property up a third on this time last year

The return of the housing market has seen demand for rental property boom - and it’s a third higher now than it was this time last year.

Data from Rightmove, showing activity in the first week since the lock-down eased, shows that on Monday May 18 rental demand on the portal was registered at its highest ever in its 20 year history.

Almost 23,000 new rental listings have come to the market since the first day of reopening, down 10 per cent on the same week last year.

However, total available stock for rent is now up 13 per cent since before lock-down.

Asking rents are currently up 2.1 per cent on 2019, down from an annual rate of 3.0 per cent before lock-down. With an average rent of £682.00 per calendar month in the North of Ireland.

“The activity jump on Rightmove proves the determination of home-movers to continue with their plans over the next few months. The pause button put many of the usual metrics we report on out of kilter and so a week’s worth of data should only be taken as an early indication of activity, but it’s certainly encouraging” he adds.