Record rents of more than £1,000 a month and the average house price breaking through the £260,000 barrier are putting added pressure on households already facing a cost of living crisis.
Data from the tenant referencing agency HomeLet showed the average UK rent rose to £1,069 a month in February, up 8.6% on the same month of last year when the figure stood at £984.
The date, which is based on recently agreed tenancies, shows huge variation around the UK but in the south-east and the east of England, monthly rents are above £1,000 and in Greater London the average was up by 11.8% year on year, at £1,757. In the south-west, tenants paid an average of £999 a month.
Separate figures from the mortgage lender Nationwide showed house prices also hit a high during the month, with the average breaking through the £260,000 mark for the first time.
The building society said house prices have gone up by almost £30,000 over the past year – the biggest cash increase in the 30 years it has been reporting on the market.
The cost of buying a home is now equivalent to 6.7 times average…
