Rents reach record heights, while Northern Ireland leads the UK’s housing market
- Rents reach record high of £761 pcm (Your Move and Reeds Rains)
- NI records strongest UK house price gains (RICS)
- £13,000 instant equity for those investing before 01/10/14 (Property Frontiers)
Northern Ireland’s housing market is leading the UK when it comes to price gains, according to the latest data from the RICS and Ulster Bank Residential Market Survey for Northern Ireland. The market is tied with East Anglia for the strongest price momentum and demand in the UK, while other areas are wobbling in the face of the speculation concerning a Bank of England base rate rise.
Successive success
“Northern Ireland’s leading position comes hot on the heels of the news that August was the 15th successive month of price rises, according to data from local surveyors,” comments Ray Withers, Chief Executive of specialist property investment company Property Frontiers. “The market there is really showing itself as a robust, long-term prospect, particularly when it comes to residential property investment.
The commercial property is also thriving, with agents CBRE projecting that activity is expected to continue at a lively pace as winter approaches. The market’s buoyancy is accredited to a combination of banks clearing their property loan books and a number of high profile properties coming onto the market. Investor announcements such as the 250 jobs to be created by US legal firm Baker & McKenzie are also contributing to Northern Ireland’s progressive commercial property market.
Belfast buy-to-let
Within the residential market, buy-to-let is booming, particularly in urban centres such as Belfast, where young professionals have flocked to the cities for work and are demanding high end, long-term rental apartments in which to settle.
Property Frontiers’ elegantly designed one and two bedroom apartments and duplexes encapsulate the desires of this new generation of professionals. Within walking distance of Belfast city centre, they offer luxury accommodation with high end internal finishing. Available from £96,000 until 1 October 2014 (after when a price increase will ensure those buying now benefit from £13,000 instant equity), the apartments offer the potential for strong returns to investors. Withers explains,
“Prices in many parts of Northern Ireland are still as much as 50% below their 2007 peak. As prices are now on the move, it’s the perfect time for investors to buy, before the market really turns around and prices shoot up again.”
Rising rents
The most recent Buy-to-Let Index from Your Move and Reeds Rains has given investors even more reason to look closely at buy-to-let property. The figures reveal that rents are now at an all-time high, with an average of £761 per month across England and Wales, beating the previous record of £758, which occurred during October 2013.
Certainly Property Frontiers have found that their buy-to-let properties in leading UK cities are much in demand. No doubt this latest confirmation of record rents will encourage even more investors to discover the benefits of buy-to-let, with Belfast’s strong price growth and excellent potential continues to turn heads around the globe.
For further details, contact Property Frontiers or call the team on +44 1865 202 700.