Shortage of stock pushes house rental rates higher

HOUSE rents in some areas of Northern Ireland have risen by as much as 5% in the last year — and letting agents are warning the spike is down to a lack of supply.

It comes as a study by Homelet shows average rental prices in Northern Ireland are now £614 a month. That’s up by 1.6% on the previous month, and up 1.5% on March 2016. The monthly rate of increase was the fourth highest out of 12 UK regions.

Paddy Turley of estate agency UPS says prices are rising fast across Belfast.

“There is demand for good rental properties... those in good condition. The area we cover in south Belfast, there are applications in after a week or two. Then, it’s about getting a good tenant. It’s frustrating for me as the stock is lower than you would want,” he said.

Areas such as north Belfast and Mid Ulster are seeing rents rising by 5%, according to Richard McCulloch, managing director of McCulloch Estate Agents.

“Over the last year, we have noticed a remarkable uplift in both demand and actual rental prices,” he said.