Yorkshire & the Humber experienced the greatest annual increase in rents across all of the UK’s regions in February, according to new research.
Homelet’s February rental index revealed that average rents across the UK have risen further over the month, albeit at a slower pace than the year before.
The average rent across the UK saw a 0.8% year-on-year uptick in February 2017, now standing at £895 per month, said the online tenant referencing firm - marking a reduction from the 4.1% annual rental increase recorded in February 2016.
On a monthly basis, the average rental value for a UK property rose by 0.7% from January, a rate of increase comparable with February 2016 and higher than February 2015’s 0.5%.
Regionally, Yorkshire and the Humber, the North West, Northern Ireland and Wales were the only areas to see rental increases of above 2.0% over the month.
Achieving the highest annual rental variance in February, rents in Yorkshire and the Humber rose by 3.0% to an average of £604.
The region also experienced a month-on-month increase of 1.3%.
The North West and Northern Ireland, on the other hand, both experience annual growth of 2.5%, with average rents in these areas standing at £673 and £589 respectively, in February.
Wales saw rental values rise by 2.1% year-on-year, whereas rents in the East and West Midlands grew by 1.8% and 1.5%.
Last week, the latest house price index by mortgage lender Nationwide showed that property values in February rose by 4.5% year-on-year.