New findings from the HomeLet Rental Index show that rents across the UK are 10.2% higher than a year ago.
The average rent on a tenancy signed in the UK during the first quarter of 2015 was £902, compared to £819 for tenancies signed during the first quarter of 2014. Rents are higher in every region of the UK except Wales compared to a year ago.
Excluding Greater London from the findings, average rents across the rest of the UK are 6.7% higher than a year ago, which is the highest rate of annual growth recorded by the HomeLet Rental Index since its inception in 2008.
The index shows the strongest growth took place in the South West of England, with rents 13.7% higher in Q1 2015 compared to Q1 2014. Outside of Greater London and the South East, the South West of England has the highest rents in the UK, with the average rent now standing at £851 per month.
The HomeLet Rental Index figures for the first three months of 2015 have seen steady growth in rent prices with 10 out of 12 UK regions showing price rises compared to the previous month. Figures for the three months to March 2015 show an average UK rent growth of 1.5% when compared to the three months to February 2015.