Private rental prices paid by tenants in the UK rose by 1.4 per cent in the 12 months to December 2019, according to the Office for National Statistics.

Looking at the data on a country by country basis, private rental prices rose by 0.6 per cent in Scotland, 1.2 per cent in Wales, and by 1.4 per cent in England, over the same time frame.

The data also shows that private rental prices grew by 1.2 per cent in London in the 12 months to December 2019, an increase 1 per cent the previous year.

Ringley managing director Mary-Anne Bowing says: “Today’s ONS figures show the resilience of the UK rental market, with steady rental growth across the board despite a turbulent year politically thanks to Brexit.

“While the ONS stats show more subdued growth than other indices, all regions recorded positive growth. If wages continue to rise, which they should give the UK’s tight labour market, we can expect rents to continue growing as well.

“For the institutional investors like pension funds and insurers looking to enter the UK rental market in search of steady income streams to match their liabilities, today’s figures are good news. Similarly, for buy-to-let landlords it shows there is money to still be made in rental property even if they face a tougher regulatory and tax environment.”

Flatfair founder and chief executive Franz Doerr adds: “Fundamentally, increased rents result in heftier upfront rental costs; that will mean renters who are perhaps strapped for cash after Christmas and looking to move are not able to access the homes they really want.

“Perhaps more importantly, rising rents and the resulting higher upfront rental costs up and down the country are making vast swathes of the country’s housing rental stock inaccessible for many of our key workers, such as doctors, teachers, and nurses.

“There is no reason for this to continue, especially with payment technology that makes the need for a large upfront deposit unnecessary, while still providing landlords with full protection.”