Belfast Commercial Property rent prices have continued to be dogged by uncertainties in the 15th largest city in the UK. With a population figure of more than 257,000 people, the Belfast city dwellers most anxious moments, are dominated by factors such as job security, obtaining a fairly priced mortgage as well as the free fall of the real estate prices.
According to the latest research findings by Citylets, buyers that are fairly inexperienced are putting on a speculative hat, by delaying to invest in the real estate with the aim of capitalizing on great fortunes that presumably lay ahead.
The report went ahead to allude to the fact that, the initial robust performance of 7% increase in private rent prices witnessed during the period covering the first nine months of 2010, were swiftly followed by a decline of 4% towards the end of the months leading to the end of the year. This was brought about by the recession effect that cut across all sectors, where by demand for rentals became suppressed.
Nevertheless some regions were characterized by a steady rise in rent prices during the last 3 months of the year 2010 to the tune of 13% on the year for one bed roomed properties. The two bed roomed properties which significantly drive the Belfast rental market rose to more than 2% on an annual basis to the price of 519 pounds. Due to factors such as job security, many occupiers are opting for lease agreements rather than having to commit substantial amounts to mortgage deposits.
Many individuals are still very much hoping to owning their own houses, the prohibitive prices not withstanding. That is why it is not strange to see many young professionals opting to rent UK commercial property for some period before committing to the all demanding responsibility of a mortgage.
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