Despite an autumn dip in rental prices, the private rental market remains strong with widespread annual growth according to HomeLet’s November Rental Index.

On average, rental prices are 8.3% higher across the UK in November 2014, at £874 per month, compared to the same month last year when the average UK rent was £807.

Nine out of 12 UK regions have recorded higher rental prices in November 2014 compared to the same month last year, even accounting for a 0.6% decrease in UK average rental prices since October 2014.

Martin Totty, CEO of Barbon Insurance Group, of which HomeLet is part of, said: “We see the autumn’s moderation in rental growth as broadly in line with the typical seasonal effect that often sees rental prices balance or even slip into reverse in many areas of the country at this time of year.  The outlook for the private rented sector remains positive for several reasons - the pace of housebuilding is unlikely to have a significant effect on the supply of property to buy or to rent in the short term, high house prices, and a mortgage market where lending criteria remains constrained, are combining to ensure that the demand from tenants needing rented accommodation remains strong.”

Regions that have experienced the highest growth compared to the same time last year include Scotland, Greater London, and the West Midlands, with average rental prices 11.7%, 11% and 8.7% higher respectively, than in November 2013.

Totty said: “In terms of seasonal highs we see Scotland bucking the trend of the rest of the country,  the rapid growth in the Scottish rentals market reflects the strength of the economy north of the border – particularly in oil-rich Aberdeen, which has a thriving rentals sector, but also in other Scottish cities and throughout the country.”