Tenants in London now need an annual salary of almost £70,000 to afford the average newly-agreed rent, according to Propertymark.

Its October tracker puts the representative salary required in the capital at £69,660, up 2.1% from £68,250 a year earlier.

The figure is more than double the £29,130 needed in Yorkshire and Humberside, the lowest of the regions covered by the research.

Average London rent stood at £2,322 in October, despite falling 3.9% from £2,415 in September, Propertymark found.

Across the UK, average rents increased in eight of the 11 regions during October.

Wales recorded the largest monthly rise at 31.1%, with average rent increasing from £995 to £1,304.

The North East saw the next biggest increase at 29.8%, from £872 to £1,132, followed by the South West, where rents rose 7.5% to £1,350.

Scotland, London and the North West were the only regions to record monthly falls.

The salary required to afford an average rental increased year on year in eight regions.

Scotland recorded the largest annual increase at 3.2%, followed by Wales at 3% and the South West at 2.5%.

However, affordability improved in the North East, where the representative salary requirement fell by 6.1% year on year, as well as the East Midlands, down 2.8%, and the North West, down 1.1%.

Propertymark calculates the annual salary needed to rent a home at 30 times the average monthly rent and bases its rental figures on final agreed prices from around 15,000 agencies.

ARLA Propertymark president Kim Lidbury says: “The October figures highlight the continued challenges facing renters across much of the UK, with average monthly rents increasing in eight of the 11 regions.

“The particularly sharp rises recorded in Wales and the North East stand out, demonstrating how quickly rental costs can change and the differing pressures experienced across the country.

“Looking at affordability over the longer term, the picture is similarly challenging.

“The salary required to secure an average-priced rental has increased in eight regions over the past year, with Scotland, Wales and the South West seeing the largest increases.

“There are, however, some positive signs.

“The North East has seen the largest annual improvement in affordability, with the representative salary required falling by 6.1%, while the East Midlands and North West have also recorded reductions.”