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Large rise in new UK tenancies and rents

Buy-to-let mortgage applications also growing

New tenancies across the UK have risen 15 per cent in the last year while rents have increased eight per cent.

Latest research from Sequence indicates that UK rents are now £758 per month on average with London rents at £1,395 per month, up one per cent on the previous 12 months.

New tenancies agreed are up 15 per cent annually across the UK and 17 per cent in London. The report also shows that buy-to-let mortgage applications are up 17 per cent year-on-year.

"The rental market across the country has started the year with renewed vigour and increasing levels of demand," said Stephen Nation, Head of Lettings for Sequence. "This high level of activity is due to the sheer volume of new tenants coming into the market."

Sequence's latest house price figures also show that  average property prices - up 11 per cent annually - have grown at six times the interest rate of an ISA.