A recent new report from HomeLet has claimed the average UK rent has now reached £970 per month, which shows a 2.4% increase since last year and the highest level recorded.

HomeLet has argued there are a number of factors leading to the rise such as claims that landlords are needing to recoup higher costs as a result of tax reforms and the recent letting agent tenant fee ban.

However, there has also been a higher demand for rented homes, wage growth and high employment levels which could have also contributed to a rise in rental costs.

The highest rental price growth has occurred in London with the average monthly rental costs being £1,632 per month. However, other regions have also noted increases such as in the North West of England where the average monthly rent has risen to £741 per month, Wales has seen a rise to £636 per month and in the South West of England there has been a rise to £828.

Although all regions have seen an increase over the last 12 months the lowest rental increases are located in the North East, where the monthly rental average is £531 and Northern Ireland at £664 (only a £1 increase in the average since last year).

In addition to the recent increase in average monthly rental incomes there has also been a significant amount of reductions in buy to let mortgage rates over the recent months. Data published by Mortgage Brain shows falling rates mean landlords with a 40% deposit can save on average £144 per year on a £150,000 when compared to data 3 months ago.