– David Newnes, director of LSL Property Services
Higher rents in almost every region show that, despite Government schemes, buying a first home is still a difficult aspiration.
This is not only down to low salary growth, but also a general shortage of supply - which is the underlying reason why homes are getting more expensive.
Shelter has described the latest figures on rent prices as "devastating news" for renters.
– Roger Harding, Shelter's director of campaigns, policy and communications
As more people are priced out of home ownership and waiting lists grow longer, too many families are being left trapped in the unstable and expensive private rental market.
Every day Shelter hears from people who are having to cut back on essentials as they struggle to pay their rent each month. With wages flat-lining, the fact that rents have reached record highs means that even more people will find it harder and harder to make ends meet.
We need the Government to fix our rental market to provide more security and get on with building many more genuinely affordable homes.
- Rents have reached new peaks in Wales, London, the South East, the West Midlands, the East Midlands, the North West, Yorkshire and the Humber.
- Average rents in September ranged from £533 a month in the North East to more than double this amount - £1,141 - in London.
- Rents have risen by 2.1% over the last year across the country, which is below the rate of Consumer Prices Index inflation at 2.7%.
- London rents have soared by 4.4% typically in the space of a year.
- Wales saw the next biggest annual rise, with a 3.1% hike pushing average rents to £573.
- The East of England was the only region to see rents drop, either on the year-on-year or the monthly measures, falling by 1.4% annually.
Source: Lettings network LSL Property Services.
Private rents have reached a new high, according to research by lettings network LSL Property Services.
Rents across England and Wales reached a record £757 a month on average in September after jumping by 1.8% month-on-month, according to LSL, which owns chains Your Move and Reeds Rains.
The announcement comes despite moves by the Government to ease first time buyers’ jump onto the housing ladder.