The residential rents in the UK increased by 1.27 per cent annually with the average rent being £1,199, according to the latest Rental Index Report from Landbay.
Tenants occupying properties in the rest of the UK (excluding London) are paying an average of £600 on rent for 1-bedroom properties, £716 for 2-bedroom properties and £829 for 3-bedroom properties.
However, tenants in London are paying twice or more than that of the rents in the rest of the UK. Tenants occupying properties in London are now spending an average of £1,454 on rent for 1-bedroom properties, £1,923 for 2-bedroom properties and £2,675 for 3-bedroom properties. The rental growth in London has remained flat over the last three months.
East Midlands registered the highest residential rents in the 12 months to February by 2.24 per cent, which is more than three times the UK average.
The region with the second fastest pace of rental growth is the East of England, where rents grew by 1.58 per cent. Within the region, Peterborough (2.99 per cent) and Cambridgeshire (2.24 per cent) both saw considerable rental growth.
At a national level, an uplift in rents has been on the cards for a while and is likely to continue into 2018, the Landbay report said.
As London rents remain unsustainably high this comes as little surprise, suggesting that many are moving further afield to reduce their rent burden while they save for a house of their own.