The cost of renting a home in the UK surged by 12% in the year leading up to August, marking the highest increase since estate agency Hamptons began its survey in 2014. The average monthly rent for newly-let properties now stands at £1,304. This surge in the past 12 months surpasses the cumulative rise over the four-year period leading up to 2019. High mortgage rates and increasing tenant demand have put pressure on landlords, driving up rental costs. A shortage of available rental properties in many areas has exacerbated the supply-demand imbalance, making renting more expensive.

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