All regions in the UK saw an annual increase in monthly rent in July. The South West experienced the biggest increase (12.9%), followed by Wales (11.8%) and the East Midlands (10.8%).
According to the RICS residential survey, tenant demand rose for a fifth straight quarter, with a current net balance of +52% of respondents reporting an increase in demand.
Landlord instructions remain in decline, with a net balance of -20%, the fourth consecutive quarter with a negative reading.
The imbalance between supply and demand has put upward pressure on prices and rents are expected to increase by 3% over the next year.
