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Average private sector rents hit high of £789 a month

A buy-to-let index has said that rents in the private sector in England and Wales hit an all-time high of £789 a month on average.

Private sector rents hit an all-time high of £789 a month. Credit: PA

The pedal is pressed to the metal in the rental market. Not only have rents hit a new all-time record high - but we have never seen them rise so quickly.

Growing wage packets and a strengthening economy mean that a greater number of tenants are able to afford higher rents.

With such an overall shortage of housing in the UK, rental costs are primarily driven by the amount tenants are capable of paying.

– Adrian Gill, director of Your Move and Reeds Rains

Estate agents Your Move and Reeds Rains figures revealed rents were hiked 5.6% in June compared with a year earlier, making it the fastest annual increase since the index was compiled in 2009.

Across England and Wales, rents grew by 1.4% month-on-month between May and June according to the study, which is based on rents achieved on around 20,000 properties

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