The research found that the average daily rate (ADR) rose to £139.08 across the UK helped by a 10.3 per cent increase in rates for London apartments which went up to an average of £185.58.

The sector also benefited from a 1.7 percentage point improvement in occupancy levels which increased to 79.2 per cent for the UK – London occupancy was up by 4.8 points to 81.5 per cent.