Private rents continued to increase in August, hitting a new record high of £887 per month across England and Wales, research shows.
Tenants had to fork out more than £70 extra per month to their private landlords compared to last year - a rise of 8.7%, according to the latest figures from letting agents Your Move.
The private rented market in the August-October period is typically busier than usual due to students looking for accommodation, but rents have nevertheless been growing steadily in recent months as many would-be property buyers put purchases on hold in wake of Brexit vote and choose to rent instead.
Rental costs rose across most parts of England and Wales, led by gains in London, the South East and the North East.
Rents in London rose by 6.9% in the last 12 months to hit an all-time high level of £1,391. However, this performance was bettered by the South East where rents reached £975 per month in August.
The North East recorded rental price of 12.3% on average over the same time period and properties now let for an average of £583 per month.
Adrian Gill, director of Your Move, said: “The rental market appears to have left any uncertainty about the market behind with prices across England and Wales again reaching record highs.”
“London continues to be home to the highest rents but other areas such as the North East and South East are witnessing even stronger levels of growth over the year – demonstrating the seasonal impact of the student market.”
“Yields have picked up following a gentle decline in recent months, something which landlords will no doubt watch with interest over the next couple of months.”