By Marcus Leach

A report released by the LSL Property Services has revealed that the average private sector housing rents in England and Wales rose by 0.7% in September.

The rise marks a new monthly high of £718, and it means rents have risen by 4.3% in the past 12 months.

The South East and East Midlands were the two areas where rents had risen the fastest.

"In many cases, buying a home is now cheaper on a monthly basis - provided renters can get past the stumbling block of the substantial deposit requirements," said David Newnes of LSL.

"For the majority, saving a £25,000 deposit is a Herculean task as inflation and rents climb - and most would-be buyers are biting the bullet and prolonging their stay in increasingly costly rental accommodation.

"As things stand, we won't see competition amongst prospective tenants diminish without a substantial expansion in the supply of rental properties available on the market."

Join us on
Follow @freshbusiness