Rental prices increased by 2% in May compared to the same month last year, the latest HomeLet Rental Index shows.
The average rent agreed on a new tenancy signed in May was £919 per calendar month (pcm), up from £918 a month earlier, the data from the insurance firm reveals.
When London is excluded, the average UK rental value was £763pcm in April, which is up 1.3% on last year.
On an annualised basis, rents rose in 11 out of the 12 regions of the UK covered by the research. But five of the regions identified by the HomeLet Rental Index data actually saw rents fall from April 2018 to May 2018: Greater London, Scotland, the West Midlands, the East Midlands and the South West.
The latest rise in average rents will be welcome relief to many landlords who have been adversely affected by the perfect storm of tax changes and political uncertainty.
Given that many landlords face further increases in their costs, owed in part to the phasing out of mortgage interest relief, it is highly likely that rents will increase further.