Its latest rental index calculates the average UK rent as £3936 per month, up by 2% since this tme last year.

Excluding London, the average UK rent is £3775 – a rise of 1.8% on last year. East Midlands average rent is now £3635 pcm – a increase of 2.65% on last year.

Meanwhile, in the capital typical rents on new tenancies are now £31617, also up by 1.8%.

HomeLet reports that annual rental growth is highest in the South East, up 3.2% between March 2018 and the same month this year.

Of 12 regions monitored, the North East – with a drop of 1.1% – was the only region where growth wasnt recorded on an annual basis.

Locally to us in Nottinghamshire, the lack of property supply compared with high tenant demand, and increased costs incurred by landlords (including selective licensing costs) is also contributing towards increasing rents, which is likely to continue as the Tenant Fees Act takes affect.

Credit: HomeLet

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