Rents in the UK are rising at the fastest rate since 2008 as demand outstrips supply, according to the latest research published by Zoopla.
Zoopla found that private sector rents in September were 4.6% higher than a year earlier at £968 per month on average, marking the strongest growth in 13 years.
Annual growth in rental prices stood at 2.7% in Scotland (averaging £627 per month), 5.8% in Northern Ireland (£633 per month typically) and 7.7% in Wales (£660 per month).
Excluding London, rents across the UK were up by 6% annually. Rents in the South West of England were up by 9% annually, making it the region registering the fastest rental growth in the third quarter of 2021.
Zoopla said demand is continuing to outstrip supply and putting an upward pressure on rents, STV News reports.
Grainne Gilmore of Zoopla said: “The swing back of demand into city centres, including London, has underpinned another rise in rents in quarter three, especially as the supply of rental property remains tight.
“Meanwhile, just as in the sales market, there is still a cohort of renters looking for properties offering more space, or a more rural or coastal location.”