London rents hit a record high of £1,161 on average last month, according to figures out today from LSL Property Services.
Monthly rents in the capital climbed three per cent on the year – an increase which was ahead of wages, intensifying the pressure on tenants.
Across England and Wales, the average rent increased by 2.4 per cent to £761 per month.
Despite the strong and steady growth, rents are increasing at a slower rate than house prices – and figures out yesterday from the Council of Mortgage Lenders show pressure continuing to build in the market.
Mortgage applications increased 13.6 per cent on the year to £18.6bn – the most in any August since 2008.