By Marcus Leach

According to a survey by LSL Property Services the cost of renting a home rose at its fastest rate in a year, as the average tenant pays £713 a month.

The survey revealed that tenants paid, on average, 1.2% more for rental properties in August than they did in July.

The areas where the cost rose quickest were Wales and the South East of England in.

"We are in the thick of the busiest time of year for the rental market, and red-hot demand for properties is driving rents up at their fastest monthly pace in the last 12 months," said David Newnes, LSL's estate agency managing director.

"Recent graduates moving for their first jobs have further exaggerated the long-term and growing demand from frustrated buyers.

"In the last two years, average rents have risen by more than £50 a month."