The average rent in the UK is now £932, which is a rise of 2.5 per cent on this time last year.

When London is excluded, the average rent in the UK is now £775 – a 2.0 per cent increase. 

Average rents in the capital itself are now £1,588, up by 3.7 per cent on early 2018.

The UK region with the largest year-on-year increase is the South West, showing a 5.1 per cent increase between January 2018 and January 2019. 

Meanwhile the North East is the only region of the 12 monitored by HomeLet that showed a decrease in rental values between January 2018 and January 2019.

Martin Totty, chief executive at HomeLet, says: “Private residential landlords will continue to play a key role in the wider UK housing market. Whilst the outlook for property investors remains positive, one of the key concerns for the market in 2019 would be a potential lack of supply in certain regions. 

“The government’s squeeze on private landlords via taxation changes and more regulation could discourage their continued participation in this important sector. Unlike the trends we saw in 2018, any reduction in supply could lead to rental increases that are above the rate of consumer inflation.“

HomeLet’s figures are based on brand new tenancies.