The UK residential rental market remains buoyant, registering 2.1 per cent annual increase in rents in October 2018. Landlords continue to benefit from this rental growth, as demand increases.

According to the latest HomeLet Rental Index, the average monthly rental in the UK is £928, a 2.1 per cent increase over October 2017. This is in line with the average rental growth in the UK, as demand for rental homes remains stable.

Average UK-wide rents continue to increase year-on-year broadly in line with the current rate of inflation and the growth in average wages, meaning affordability in most parts of the country is little-changed, HomeLet said in its report.

The rental growth has been consistent across the UK with 11 out of the 12 regions registering an upward trend. Among the regions, Northern Ireland registered the highest rental growth annually at 4.5 per cent followed by Scotland at 4.2 per cent.

The rental growth in other regions were London (4 per cent), South West (2.7 per cent), West Midlands (1.5 per cent), East Midlands (1.6 per cent), Wales (0.3 per cent), East of England (0.8 per cent), North West (0.7 per cent), Yorkshire and Humberside (0.5 per cent). The only region, which registered negative growth, was North East (-2.5 per cent).