Recent data from Homelet has revealed that rents in the UK rose by an average of 2.1% during September

Other Key findings

• The highest increases in rents were seen in Northern Ireland 4.3% followed by the West Midlands  3.9% and the East Midlands (3.7%).
• Rents in the capital were 1.9% higher last month than in September 2016.
• Average tenancy agreed in London last month costing £1,593.

Martin Totty, HomeLet’s Chief Executive Officer, said:

“In a sector where demand for rental properties generally outstrips supply, most informed commentators suggest higher externally imposed costs on landlords will inevitably translate into higher rents to tenants. This may prove to be the start of that upward movement, especially if tenants are left competing for fewer rental properties because some landlords decide the returns from property investment are being eroded by factors beyond their control.”