Private rents in England and Wales rose to an average £705 per month in July, according to a survey by LSL Property Services, a firm of letting agents. The increase of 0.6% last month was the sixth monthly increase in a row. LSL said the continued rise meant average rents were now £29 a month higher than a year ago.

Rents have risen fastest in London, where they are now 7.1% higher than a year ago, at an average of £1,009 per month. "Rents are on an upward trajectory, and it is unlikely that tenants will gain respite any time soon," said David Newnes, of LSL. "Demand from thousands of frustrated buyers each month is underpinning buoyant competition for rental homes, enabling landlords to increase prices."

Bank of mum and dad Mr Newnes said the phenomenon of parents providing a deposit for their adult children to buy a home was now spreading to the...---> Read more on this story HERE