However, in the capital, it is a different story. According to the latest data and analysis from Rightmove, London is the only UK region where rents are lower today than they were five years ago. Rents across almost two-thirds of the capital's districts are lower now than they were in March 2016, meaning that the average London rent has fallen by 2.3%.
The decline in rents is being driven largely by areas of Inner London, where average rents are down by 6.5% compared to five years ago. Outer London is faring much better, with rents up by 2% since March 2016.
All other regions of the UK have seen rental prices rise since 2016, with many having experienced double-digit growth. The East Midlands has seen the highest rental increases, up by 19.3% over the past five years, with asking prices rising from £733 to £875 per month.
In terms of towns and cities, Wolverhampton has seen rental prices soar by 35%, with rents increasing from £631 to £855 per month. Walsall, Bradford and Liverpool have also seen asking rents surge, rising by 32%, 29% and 28% respectively over the past five years.
The North West has also seen rental prices rise by 15.2% since 2016, now sitting at £831 per month, up 4% year on year.
According to Thirlmere Deacon, the rental market is booming in the North West, with property investor enquiries up 32% over the last 12 months.
Stuart Williams, Director, commented: “We have seen a surge in enquiries looking for investment property in the North West, particularly in Sheffield, Manchester and Liverpool.
“Many of the Northern Powerhouse towns and cities are enjoying a steadily growing community of businesses, thriving economies and a healthy rental market. Sheffield, Leeds and Liverpool have all been listed in the top 25 postcodes for buy-to-let rental yields over the last few years.
“On average, rental yields are higher in the North, which is why many investors are moving away from the South East and are looking for investment opportunities in the Northern Powerhouse. An influx of new professional workers into the region is pushing up demand for quality accommodation.
“Our new Sheffield City Apartments, offering a purpose-designed residential development suited for young professionals and small families. Situated just under a mile North West of the City Centre within the Philadelphia District, an area offering a range of amenities, historical sites and attractions.
“The eastern edge of the Peak District National Park is only 12 minutes away by car and a 4.3 mile takes you to beautiful countryside. Scheduled for completion in Q2 2021, the Sheffield City apartments will comprise five studio apartments, 48 single-bedroomed apartments and eight two-bedroom apartments built over five storeys, all under an elegant roof-top terrace. The apartments will be styled by professional interior designers to create a modern and comfortable setting, while also being well equipped for contemporary living.”
