Hike in private rental costs

Rents have now reached their second highest levels since 2008, with people in Wales now forking out an average of more than £550 every month.

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Wales records 'second biggest' annual rental price hike

On the rise: average rental prices have reached £561 in Wales Credit: PA

Private rents have reached their second highest levels since 2008 as activity returns to the sector, a major lettings network has reported.

At £743 on average across the UK, monthly rents in August were just £1 less than an all-time high recorded in October 2012, according to LSL Property Services, which owns chains Your Move and Reeds Rains.

Official figures released yesterday showed that house prices in London are up by nearly 10 per cent year-on-year. Wales saw the second biggest annual increase in rents, with a 2.3 per cent uplift taking average rents to £561.

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