A surge in demand from tenants this spring has pushed rents back up to record high levels during April and May, recent research indicates.
The average cost of renting a home in the UK has increased by 0.8 percent during these months to £692, which matches the record reached in November last year prior to a seasonal downturn.
Rents are continuing to be pushed upwards by strong tenant demand, as would-be buyers were forced to put plans of purchasing on hold, while they raised the substantial deposits that in many cases are still required.
Competition is fierce and tenants are paying a premium to secure properties. The rate of increase is unlikely to tail off as lending to first time buyers remains subdued and demand for rental homes is stronger than ever.