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Rents go up in Belfast

Friday, 12 August 2011 12:16 PM

A slew of first-time buyers unable to get onto the property ladder helped push the cost of renting in Belfast up last year, according to new figures today.

The latest Citylets report into the private rented sector claims the average monthly cost across all properties in the three months to June was £571 – up from £564 a year ago.

Prices for two-bedroom houses, which account for the bulk of the property rented in Belfast, increased by 7.6 per cent year on year from £432 to £465 a month.

Despite the rises, renting in Belfast remains cheaper than in other parts of the UK, where the average monthly rent is around £700.

"With the residential property market still in the doldrums, the rental sector is continuing to thrive – particularly in and around Belfast," said Dan Cookson, Citylets analyst.

"Private landlords are benefiting from the current malaise in property prices because there are simply more people keen on renting. Those who would normally be looking to buy their first property after renting for a few years are waiting quite a bit longer, and the rental sector is benefiting from that."

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