Average rental rates have hit a record high in England, at £725 a month, according to the latest data from the Office of National Statistics.

The ONS Private Rental Market Statistics shows the median monthly rents recorded between October 2019 and September 2020. It says this figure is now the highest on record.

Within its data, the ONS shows  that the highest rental rates are, not surprisingly in London. The median monthly rate in the capital now stands at £1,435 — almost double the rate for the rest of England. 

The monthly rate for outer London was £1,300 compared to £16,90 in inner London. Average rental prices in the South East stood at £895 a month over the past year.

In contrast the North East has the lowest monthly rate at £495. 

The ONS data shows that the difference in monthly rental prices between the most and least expensive authorities was almost £2,000.

RenterBuyer – a homeownership platform – said these rising rents had led to more tenants trying to get onto the property ladder. 

But founder Olu Olufote says that despite these rising rents, affordability still remains a problem tenants looking to become homeowners. “Many will not be overly upset to see property prices come under pressure next year due to potential Brexit disruption and economic fallout from the pandemic.”