The annual cost of renting has risen by £3,240 (27%) since 2021, highlighting how squeezed supply and inflation is pushing costs ever-higher.

On a monthly basis this amounts to £270 more than three years ago.

This growth isn’t expected to rapidly slow down, as average UK rents are predicted to rise by 4% in 2025.

Ben Twomey, chief executive of Generation Rent, said: “Everyone needs a safe, secure and affordable home. But renters across the UK are facing soaring rents which are far outstripping our earnings.

“The government’s Renters’ Rights Bill is a good start in giving renters more protection from eviction, but there are very few measures in the Bill to give us the breathing space we need from the cost of renting.

“The government must act urgently to slam the brakes on rising rents, whilst unfreezing the Local Housing Allowance rate will protect families on low incomes from poverty and homelessness.”

Rents are rising fastest in Northern Ireland (10.5%) and the North East (8.7%).

Via @PropertyWire