The average rent in Britain increased by 7.7% to £1,332 in the 12 months to March this year, official figures have revealed.
The latest figures from the Office for National Statistics, (ONS), found that average rents rose 7.8% in England to £1,386, 8.9% in Wales to £792 and 5.7% in Scotland to £1,001.
Annual rental inflation in England was the highest in the North East at 9.4%, and lowest in Yorkshire and the Humber at 4.6% during the 12 months to March this year.
Greg Tsuman, of Martyn Gerrard Estate Agents said: “Today’s figures confirm what renters already know - rents are still rising, just not quite as ferociously as before.
“We’ve reached the upper limit of affordability for renters across Britain, and the gap between existing rents and newly agreed tenancies will likely continue to narrow.
And Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: In our offices, we have certainly noticed some pushback from tenants reluctant to pay ever-increasing rents.
“This has obliged some landlords to reduce their aspirations despite supply remaining tight.
“Looking forward, we notice that first-time buyers in particular who were unable to take advantage of the stamp duty concession before it ended, have swelled demand as they look to make a change in their accommodation if possible.”
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