The cost of renting property is now more expensive than ever with the average price of a flat or a house in London now exceeding £1,750 a month
According to data collected by the Tenancy Deposit Scheme (TDS) rents have shot up across the country with tenants on average paying by far the most to live in the capital.
The figures, based on all new deposit registrations across England and Wales in August 2016 with TDS Insured, show that new average monthly rents in August hit £1,765 in the capital.
After London, the next highest cost region was the South East with the monthly rent coming in at £1,124.
The cheapest region to rent is Wales with average rents for newly let properties in August 2016 coming in at some £664.80. The next cheapest region to rent was the North East where rents averaged out at £652.88.
Steve Harriott, chief executive of the TDS said: “This data comes from landlords and agents registering new deposits on our database in August 2016 and advising us of the monthly rent that they charge. The figures show starkly the differential in regional rents across England and Wales.”