UK housing market: Rent rises across UK finally match pace of London

Rent rises across the UK have matched the pace of Greater London for the first time.

Figures from HomeLet shows that the pace of which rent has risen from April 2014 to the same month in 2015 in London was 7.5% - slightly edging the 7.4% jump that the rest of the UK experienced. It is the fastest growth for all regions excluding London since HomeLet started recording in 2008.

The UK's average price per month has hit £916. It now costs £730 a month to rent outside of the capital, as opposed to £1,436 inside the capital.

The South West has seen the biggest rise over the past 12 months, jumping by 15.5%. This is more than double the rate of London's growth.

Martin Totty, CEO of Barbon Insurance Group, HomeLet's parent company, said: "During 2014, London rent price growth far outpaced other regions but in 2015 we are seeing the emergence of a different pattern.

"What this tells us is that the private rental market is experiencing demand nationwide and that it is not simply a London phenomenon that increasing numbers of people are requiring privately rented property.

"The convergence suggests that after a lengthy period of substantial outperformance in terms of rental increases, the pace of growth in London has slowed – while the rest of the UK is catching up."