Average rental income has risen by 4.4% in the last year, while houses let for more than £1,500 per week rose by 9%. As a result the letting market is now stronger than at any point in the last three years according to the latest research by property consultants Savills.

However property in the lower rental bands have seen little or no growth. Richard Donnell, head of Savills Residential Research, said: "This sector of the market is heavily led by investors and although investors have not been as active in the last year or two, the additional supply has led to a much greater choice for tenants. Flats let for less than £500 per week, have seen no growth in rents over recent years."