New findings from the HomeLet Rental Index have revealed that after a period of rent price rises in London outstripping the rest of the UK, the disparity between the growth rate of the London and nationwide rental markets is beginning to narrow. Average rent prices in London have remained static in the three months to February 2015, versus the wider picture of predominantly rising prices. The average rent in the UK is now £899, compared to £889 at the end of January 2015, and £873 in December 2014.

The HomeLet Rental Index figures for February 2015 reveal that seven out of twelve regions in the UK have seen rent prices rise in the three months to February 2015, with the North East and South West of England leading the way at 3.1% and 2.5% price growth respectively.

Commenting on the report, Martin Totty, CEO at Barbon Insurance Group, parent company of HomeLet, said: “The rent price growth seen in London during much of 2014 now appears to be slowing. However a recent survey we conducted with London letting agents has shown that demand for private rental property remains high and still outstrips supply, with 80% of agents saying there are more tenants than properties available.”