NORTHERN Ireland rental prices increased by 10.1 per cent in the year to January 2024 official figures show, but that’s nothing compared to the rise in property prices in Fermanagh.
The Office for National Statistics (ONS) said the average private rents in Northern Ireland increased by 10.1 per cent in the 12 months to January, the highest annual rise since records started in 2016.
However, according to Seamus McGovern of McGovern Estate Agents in Enniskillen, rent prices in Fermanagh are rocketing too.
“Rents in Fermanagh have surged beyond the national average increase of 10.1 per cent with properties that were previously renting at £400-£450 five years ago now fetching £750-£800,” Mr McGovern said.
“Considering the imbalance between supply and demand, as evidenced by the high number of tenants seeking properties and the limited availability of rental properties, it’s probable that rents will continue to rise in the coming years.
“At McGovern Property Rentals Ltd we have witnessed firsthand the challenges posed by the shortage of rental properties in the area.”
A serious shortage of rental property is the biggest problem in the county where premises are at a premium.
“Interest rates went up, so people who were looking to buy are finding it more difficult as it’s more expensive because of this,” Mr McGovern explained.
“There’s also a huge amount of foreign doctors, nurses and carers working here now. A lot of the properties we have rented have been to young professionals like these.
“There’s not a week that goes by that we’re not inundated with young professionals looking for accommodation. It’s not just those working at the SWAH, others are working at local care homes too.”
The ONS data also revealed that UK inflation dropped to a fresh two-and-a-half-year low in March on the back of a further easing in food prices.
Consumer Prices Index inflation stood at 3.2 per cent in March, down from 3.4 per cent in February.
It marks the lowest level since September 2021 but was still slightly higher than economists expected.
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