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01/08/2014
NI Property Market Continues To Recover – Report
More people are renting property as the Northern Ireland market continues to recover, a new report has said.
According to landlord insurance specialists Find Insurance NI, the number of rental properties in the province continues to increase. Earlier this year, it was thought house prices where recovering in England, Scotland and Wales, but not Northern Ireland. However, the latest Residential Property Price index has revealed a 21% increase in the number of residential properties sold in the first quarter of 2014 when compared with the same period in 2013. This is the highest level since the market peaked in 2007.
With this in mind, Find Insurance NI has said it is a good time to be a landlord in Northern Ireland. For example, in the 10 years between 2001 and 2011, there has been a 128% increase in the number of people renting properties. Census figures show 41,700 households were in private rental accommodation in 2001, and by 2011, this had increased (by 128%), to 95,200. In addition, people are prepared to pay for rented accommodation.
A recent report, produced in partnership with the Northern Ireland Housing Executive and the Bank of Ireland, suggests the average cost of renting a private property is £538 per month, with North Down (£602), Belfast (£581), Castlereagh (£566), and Lisburn (£574), priced slightly higher.
So why are people still so keen to rent in the province? Find Insurance NI referred to a study carried out by the Northern Ireland Housing Executive in 2009 which suggested that 48% of people viewed living in the private rented sector as more desirable than buying. Furthermore, mortgage finance is still difficult to come by, meaning more people are happy to continue renting. The introduction of the Landlord Registration Scheme to Northern Ireland earlier this year has added an extra layer of trust to the private rented sector, as tenants will have access to information on the landlord and any properties they are renting.
More information by Find Insurance NI can be found here.
According to landlord insurance specialists Find Insurance NI, the number of rental properties in the province continues to increase. Earlier this year, it was thought house prices where recovering in England, Scotland and Wales, but not Northern Ireland. However, the latest Residential Property Price index has revealed a 21% increase in the number of residential properties sold in the first quarter of 2014 when compared with the same period in 2013. This is the highest level since the market peaked in 2007.
With this in mind, Find Insurance NI has said it is a good time to be a landlord in Northern Ireland. For example, in the 10 years between 2001 and 2011, there has been a 128% increase in the number of people renting properties. Census figures show 41,700 households were in private rental accommodation in 2001, and by 2011, this had increased (by 128%), to 95,200. In addition, people are prepared to pay for rented accommodation.
A recent report, produced in partnership with the Northern Ireland Housing Executive and the Bank of Ireland, suggests the average cost of renting a private property is £538 per month, with North Down (£602), Belfast (£581), Castlereagh (£566), and Lisburn (£574), priced slightly higher.
So why are people still so keen to rent in the province? Find Insurance NI referred to a study carried out by the Northern Ireland Housing Executive in 2009 which suggested that 48% of people viewed living in the private rented sector as more desirable than buying. Furthermore, mortgage finance is still difficult to come by, meaning more people are happy to continue renting. The introduction of the Landlord Registration Scheme to Northern Ireland earlier this year has added an extra layer of trust to the private rented sector, as tenants will have access to information on the landlord and any properties they are renting.
More information by Find Insurance NI can be found here.
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Northern Ireland WeatherThis Evening and Tonight:Dry with clear skies this evening. Patchy cloud will increase at times overnight, but some clear spells too. Light winds and some patchy shallow mist or fog towards dawn. Minimum temperature 2 °C.
