UK rents rise 10pc

HomeLet's Rental Index found that the average UK rent is now £902, although once London is taken out of the equation that falls to £720.

Indeed, rents in Greater London now average £1,427 per month.

Martin Totty, chief executive Officer, Barbon Insurance Group, parent company of HomeLet, said: “With average rents for new tenancies across the UK now more than 10% higher than a year ago, what we are seeing is a market that is experiencing sustained demand from increasing numbers of people requiring privately rented property.

“However, rent price growth in London is no longer outpacing that of the rest of the UK.

“The HomeLet Rental Index shows that during the first three months of 2015, rents on new tenancies in six regions of the UK rose more quickly than Greater London.

“Demand for rental property in London remains high, but rent price growth in many regions outside of the capital has matched or exceeded London over the past three months.”