Average rents across the UK have risen by 2.3 per cent over the year to January to reach £953 a month, the latest index from HomeLet reveals.

The data shows growth in rents is now higher than the rate of inflation as measured by the Consumer Prices Index, which stood at 1.8 per cent in December.

Excluding London from the calculations, the average rent is now £793, which is also 2.3 per cent higher than the same time last year.

Average rents in the capital rose by 2.5 per cent to £1,627 from January January

Nine out of the 12 regions monitored by the index showed an increase in rents and four of these saw a rise of more than 5 per cent.

Rents in the North West saw the biggest annual increase as they rose by 8.7 per cent to £764 over the year.

This was followed by Wales where rents were up by 7.3 per cent annually to £650.

In Scotland rents rose by 6.2 per cent to £666 and in the East Midlands they were up by 5.1 per cent to £656.

Three regions saw a fractional reduction in rents over the year.

In the South West rents were down by 0.9 per cent to £851, in the East of England they were down by 0.2 per cent to £907 and in the South East they dipped by 0.1 per cent to £1,021.