According to the latest private rental report from the Northern Ireland Housing Executive (NIHE), in partnership with PropertyNews.com and the University of Ulster the first half of 2010 saw a decrease in the number of lettings secured and a moderate decline in the average monthly rent compared with the second half of 2009 particularly for detached properties.

The report is based on a sample of 3280 rental transactions during the first half of 2010 from www.propertynews.com . The performance of the market is measured by the number of properties let and the average monthly rent by location, property type and number of bedrooms.

The number of properties let in the Belfast Metropolitan Area in the first half of 2010 highlights shrinkage in the private rental sector when compared against the second half of 2009 with a decline of approximately 19%. The pattern is emerging of less rental activity in the first half of the year although student lettings are most likely contributing to the higher number of lets during the second half of previous years.

The overall average rent per month for the Belfast Metropolitan Area in the first half of 2010 was £560, with rents approximately 3.6% lower than achieved rents for the second half of 2009. At the Belfast City Council level average rents have shown half yearly decline of 4.2% with the average rent now £568. The highest rental locations are Belfast City Centre and South Belfast and the lowest is North Belfast. Annual change would suggest that average rental prices are down 2.3% across most property types with the exception of semi –detached properties which are characterized by rental growth over the year of 2.1%.

Similar to previous reports market share across all property types remains consistent with lettings in terrace/townhouses making up 40% of the market, followed by apartments at 33%, semi detached 17% and detached 10%. The properties let during the first half of 2010 were dominated by two and three bedroom properties with percentage share levels relatively similar to those for the second half of 2009 however there was a marked decrease in lettings for 4/4+ bedrooms.

The report highlights reduced activity in the private rental sector with the decline in average rents to pre 2007 levels. The survey highlights the tough conditions faced by many landlords and tenants as a result of the economic downturn.

Read the full rental report January – June 2010

Source: http://www.propertynews.com//blog/951/

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