The HomeLet Rental Index annual review has shown that on average, rents across the UK in 2014 were 6.6 per cent higher than in the previous year with the average monthly rent in the UK now standing at £867.
Leicester, Southall and Cambridge showed highest rental price growth, increasing a huge 45 per cent, 38 per cent and 24 per cent respectively. Meanwhile Colchester, Croydon and Brighton saw the biggest falls with rents on new agreements downy 24, 23 and 18 per cent respectively.
Martin Totty, chief executive of Barbon Insurance Group - which compiles the index - says: The demand for rental property is increasing, and we expect it to continue doing so in 2015 as large numbers of people are priced out of buying. As a result, we expect to see continued growth in rental prices across the UK as the new year progresses, particularly as real incomes are starting to rise.
The monthly HomeLet figures for December 2014 point to a rental market that has seen largely positive growth throughout the year, even allowing for the typical end-of-year seasonal adjustment in the market.
While rental prices fell in many regions of the UK in December, the annual variation figures for December show rises for 10 out of 12 regions.
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