AVERAGE rental costs for homes in the region are continuing to rise.

Latest figures show that in Keighley district and other parts of Yorkshire and Humberside, the average monthly bill is now £655 ­– up by five per cent compared to a year ago.

The average UK-wide is £953, a rise of 3.5 per cent.

When London is excluded, the figure is £793 – a 3.9 per cent increase.

All 12 regions monitored by HomeLet saw rental values go up between December 2018 and last month.

And in seven of the regions, the rise exceeded five per cent.

Martin Totty, of HomeLet, said 2019 had been “an interesting year” for the property market.

He added: “Despite Brexit implications remaining unknown for most of 2019, the private rental sector has continued to conform to the basic economic principle of supply and demand and has only seen rises edging just beyond the rate of inflation until recent months.

“Rental prices have been on an upward trajectory since mid-2017, driven primarily by an acceleration in the regions outside of London.

“It’s likely there are several things contributing to the robust performance of rental prices, the first being the Tenant Fees Act introduction in June last year. This moved the burden of some fees from tenants to landlords in the first instance, but as most commentary reported at the time, it was very likely to find its way back to tenants over time through higher rents.

“At the same time, the last year has seen more and more reasons for private landlords to potentially exit the market, such as increased taxation and regulatory burdens. There has also been a constriction in the supply of private rental stock as some landlords have indeed left the market following legislation changes that have negatively impacted their yields.”

But Mr Totty said there was no sign of the demand for rental properties slowing.

He added: “The Office for National Statistics reports that the number of households in the sector has risen from 2.8 million in 2007 to 4.5 million in 2017, and that the age of renters has increased. The sluggish dynamics of the sales sector may have limited opportunities for those looking to make the move from renting to home ownership, driving demand further for rental stock.”