The average cost of renting in the two countries now stands at £757 per month, according to LSL Property Services data released today, the highest the group has ever recorded.
Average rents are £13 per month higher than the previous record set in October last year, having risen despite a 9.2 per cent increase in tenancies over the year.
LSL’s index also shows that rents in London are rising at a faster pace than any other region in the country, up by 4.4 per cent over the year to last month, reaching £1,141. The south east (excluding London) has the second-most expensive rents, averaging £787 per month.
Connells, a group of chartered surveyors, confirmed the trend of a dramatic increase in market activity, with a 65 per cent increase in valuations in the 12 months to September. The group also say that surveys by buy-to-let investors are up 77 per cent in the same period.
John Bagshaw, Connells’ corporate services director, said “September has felt like a tipping point... The financial world appears to be at the start of a much sunnier period. In just 12 months, the situation has shifted unrecognisably.”