UK rents have risen by 1.3% month-on-month to £1,199, in signs that strong demand is continuing to fuel growth, HomeLet research has found.
The South East and Scotland both saw the largest monthly increase, experiencing a 2.1% surge from last month, with average rents rising to £1,277 and £868 respectively.
London rental prices continue to increase, with typical rental prices hitting £2,003, 1.2% above the previous month.
Andy Halstead,?chief executive of HomeLet?& Let Alliance,?said: “Rental prices continue to rise across the board, with every region showcasing a monthly and annual rise. The situation we’re hearing about daily is one where tenants struggle to find available rental properties.
“Offers for rental properties are often rising above the asking price, with many landlords receiving multiple offers for their properties.
“Rising rents coupled with a continuing high cost of living means that Rent Guarantee insurance should be a serious consideration for all landlords – spiralling rental costs and dwindling disposable income is sure to result in more tenants finding themselves unable to pay their rent, and landlords must be prepared for this,
“The quantity of rental properties on the market is showing no signs of a sudden rise, so prices are likely to continue to rise, with prospective tenants left with a battle on their hands to secure a suitable property.”
When London is excluded, the average rent in the UK is £1,006 per month, up 1.3% from the previous month.