Average rents across Britain have shown a steady increase in October, according recent research from residential property specialists Move with Us.
The growth was mainly sustained by a positive performance in some unexpected areas. In general rents across the UK increased by 0.75 per cent. Average asking rents were also up to £975 at the end of October.
Those looking for landlord insurance in East Midlands, North East and Wales will be particularly happy, with average rent asking prices rising by 4.31 per cent, 4.19 per cent and 3.94 per cent respectively.
London also saw a monthly increase of 1.47 per cent, which means rents in the capital remain approximately 209 per cent more expensive than the rest of the UK. Although these figures are slightly down from this time last year, the capital market remains prosperous for landlords.
Strong performing areas East Anglia and the South East have witnessed very small declines, with the two dropping by 0.13 per cent and 0.6 per cent. While average rents still remain very positive - at £1,145 and £889 - the market now appears to have settled at this point in the year.
Robin King, director of Move with Us, commented: “The surprise for October has been the sudden growth of approximately £25 in the average rents in the East Midlands, North East and Wales.
“All three of these regions performed unimpressively over recent months and these unexpected peaks mean that the markets are expected to finish the year much closer to the advertised rents of October 2012, and in the case of the East Midlands, outperforming this level," he added.
Mr King attributed the general rise across the country to the strong performance seen in these areas. The growth in these areas has been so positive that it bolstered the average despite some established regions showing a slight decline.
The figures suggest that the rental market remains positive despite schemes like Help to Buy encouraging more people to purchase their first home.