Average UK rents have risen for the second consecutive quarter, according to the Royal Institution of Chartered Surveyors (RICS).

Around 20% more chartered surveyors report a rise in rental levels, with rents climbing at their fastest pace in five years. A combination of economic and demographic factors, have forced rents up.

Most surveyors believe that the upward rental trend will be sustained during the next quarter.

RICS spokesperson Jeremy Leaf commented: "Investors are holding on to property as healthy house prices and strong tenant demand hearten expectations of capital growth. The news is not so good for first time buyers with house prices continuing to rise and the alternative of renting steadily becoming more expensive.

"Economic prosperity and population migration have increased rental demand making conditions better for property investors. The recent choppy ride for equities means interest rates are less likely to rise, which is good news for investment."