Rents surge in Northern Ireland and Wales

Rents in Northern Ireland and Wales have surged in the past year, HomeLet research has found.

In Northern Ireland rents have increased by 7.7% annually, followed by Wales (4.7%), Greater London 3.7%) and the North West (3.7%).

According to Mish Liyanage, managing director of The Mistoria Group, there is growing demand for high-end HMO accommodation among young professionals and students across Salford, Bolton, Manchester and Liverpool areas.

Liyanage said: “Buy-to-let investors can buy a luxury HMOs in the North West from £120,000 upwards.

“The return on investment is very attractive too, with an average 13% yield (8% cash rental and 5% capital growth)”