The average cost of a new let reached £951 per month in Great Britain in March - that’s up 1.7 per cent on the same month last year.
The figures, produced by Countrywide, show that the Midlands saw the fastest rental growth, up 2.8 per cent year-on-year, followed by Wales and Greater London, both on 2.1 per cent.
Rents in Scotland fell for the second month in a row, but the rate of decline slowed in March.
“Average rents grew in seven out of eight regions across Great Britain, with Scotland being the only fall. Rental growth during the first quarter of this year stands at 2.1 per cent - that’s 0.5 per cent faster than the same period in 2017, as low stock levels continue to drive growth” says a Countrywide spokesman.
Here’s the agency’s full regional breakdown:
- Greater London: average rent £1,675: up 2.1%;
- South East: £1,026: up 0.8%;
- East of England: £936: up 1.2%;
- South West: £779: up 1.8%;
- Midlands: £668: up 2.8%;
- Wales: £650: up 2.1%;
- North: £626: up 0.9%;
- Scotland: £615: down 1.5%.