Mar
26
Private Rented Sector expands in Northern Ireland
Filed Under Belfast Property News, Did you Know...?, Market News, Renting news by DanCookson | Leave a Comment
Citylets have been operating in Northern Ireland for more than two years. A relatively short period but one that has nonetheless seen dramatic changes in the property market. The downturn in sale prices has been both swift and severe as this chart from the recent NI Quarterly House Price Index shows:
The credit crunch has made it far tougher for first time buyers to get on the property ladder so they are tending to stay in the private rented sector (PRS) for longer. We have seen increased NI traffic on the Citylets network throughout this period and this increased interest in PRS has been backed up by the recent findings of the NI House Condition Survey 2009 which shows a continued increase in the number and proportion of privately rented dwellings in Northern Ireland. In 2006 approximately 12 per cent of all dwellings were in the private rented sector. By 2009, this had risen to more than 15 per cent. If vacant dwellings, which when last occupied were in the private rented sector are included, the figure rises to nearly 20%.
Citylets will be reporting on the detailed trends in the Belfast private rented sector in its forthcoming report.
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