Landlords in England and Wales have seen rents hit the second highest ever recorded amount at £900, according to an index.
Your Move says that the average rent being paid in October is the second highest it's buy to let index has recorded – which follows September's record high of £907 being recorded.
Tenants in London are paying the highest rents at £1,290 in October which is, the estate agency says, around 1% higher than the rents being paid 12 months ago but still below the levels recorded earlier this year.
A director of Your Move, Adrian Gill, said: “After a year of turbulence for the economy it’s no surprise to find the market is pausing for breath. Despite the economic uncertainty, the lettings market has powered through.”
Underlying rental market is strong
He said that the underlying rental market is strong and that growth will resume in the coming months.
Mr Gill said: “Landlords will see impressive yields and the property market in the UK continues to be a secure and safe place to invest.”
The index reveal that in October, the average rental yield was 4.7%, a figure that hasn't changed over three months. It's also down on the 5.1% that was recorded in October last year.
However, the index reveals that landlords in the North East are enjoying yields of 5.3% and in the North West it is 5.1%. Also, landlords in Wales are seeing yields of 5% while in London the yield is 3.3%.
Regions with the best rental growth
The regions with the best rental growth are in the east midlands with an average of 6% to reach £628 and in the East of England where rents are an average of £856.
Landlords in the North East are also the only region to record a rent drop where incomes fell by 1% for an average of £541.
Landlords in Wales may be letting illegally
Meanwhile, fears are rising that around 13,000 private landlords may be letting properties illegally in Wales after they failed to sign up to the Rent Smart Wales scheme.
The scheme is being run by the Welsh government which aims to train landlords in their legal obligations and boost the quality of rental homes.
The deadline for signing up was 23 November with 133,000 rental properties either signed up or in the pipeline for being registered which means that just 65% of rental homes in Wales have met the deadline.
