This is higher than the 9.7% increase to UK rents from the previous year, which now stands at an average of £1,201 per month.

Across the UK increases in rental prices have slowed over the past year, particularly in London where annual rental growth has decreased from 17% to 9%. In contrast, Scotland is witnessing an opposite trend, with the annual rental price growth accelerating to 12.9%, higher than the 11.4% recorded a year ago.

Edinburgh and Glasgow have experienced substantial increases in rents, at 15.2% and 13.2% respectively. However, Zoopla forecasts a slowdown in rental growth across the UK for 2024.

Richard Donnell, executive director of research at Zoopla, said: “The UK is past peak rental growth which will be welcome news to renters who have seen rents rise by almost a third (31%) over the last three years.

“London will lead the slowdown, acting as a drag on the UK growth rate. The rental market has been stuck in a period of static supply and strong demand which has pushed rents higher.

“Demand has been driven by the strength of the labour market, the reopening of the economy after the pandemic lockdowns, record immigration and higher mortgage rates, making it harder for would-be firsttime buyers to buy a home.

“Faster growth in earnings has supported a faster pace of rental growth. The supply-demand imbalance is not going to disappear, however, the market is set to become more balanced than it has been over the last three years.

“The slowdown in rental growth over 2024 will be down to a weaker labour market, slower earnings growth and growing affordability pressures. Rents have room to rise above the UK average in regional cities where affordability is less of a constraint, but this won’t be the case indefinitely.”