The average rent for a property in August was £1,438 across England, slightly lower than the record figure of £1,470 recorded in July, the Goodlord Rental Index shows.

However, rents last month were up nearly 7% on a year ago, while salaries for renters signing new tenancy contracts in August edged 0.9% higher to £36,719.

The report says: “Despite this reduction, prices in August 2024 remained above the £1,400 threshold for only the second month on record, after the barrier was breached for the first time in July.”

Across the regions, the highest year-on-year shift has, once again, been recorded in the South West, where average rents jumped 13% to £1,751 compared to the previous year.

This is closely followed by the East Midlands, up 9.1% to £1,234 and the North East, also up 9.1% to £1,107.

In Greater London, rents lifted 2.8% over the year to £2,206.

Void periods across the country lengthened from 11 days in July to 15 days in August — a 36% rise.

This is slightly higher than the void periods recorded last year, in August 2023, which sat at 13 days.

Greater London was the only region to see a shortening of voids, with void periods reducing from 13 days to 12 days.

Goodlord chief executive William Reeve says: “With interest rates starting to drop and tenant incomes failing to keep pace with rents, there’s a strong argument that we may be nearing a sustainability ceiling on the cost of rent.

“If they escalate any further, prices will prove simply unaffordable for renters – unlocking a challenging new chapter in the housing crunch.”