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Map shows where rent has jumped as much as £1,640 per year

Rents are going up across the country, with the average tenant forking out an extra £62 a month.

The cost of a rented home has climbed throughout the pandemic – by as much as £1,640 in London – further fuelling the cost of living crisis.

Across the UK, the monthly average rent stood at £969 by the end of 2021.

The rise equates to a massive jump of £744 a year compared to March 2020, when the country first went into lockdown.

Getting onto the housing ladder has also become a more remote prospect in the last 12 months too, with the average property price climbing by an eye-watering £24,500.

According to figures released by Halifax, the average UK house price hit a record high of £276,759 at the start of 2022.

Zoopla said rent accounts for 37% of gross income for a single earner, up from a ‘pandemic dip’ of 34% during most of 2021 but broadly in line with the 10-year average of 36%.

Demand for rental property is rising but supply in January 2022 was well below normal levels.

The gap between what’s on offer and how many people are looking for a place is causing a surge in prices.

Demand for rental homes has now recovered across the central districts of major cities including Birmingham, Edinburgh, Leeds and Manchester, Zoopla said.

This is largely driven by ‘pent-up’ demand from office workers, students, and investors.

James Evans, chief executive at property agents Douglas & Gordon, warned: ‘…there are 35 to 40 new applicants for every rental property in London and around four offers received per agreed let, so tenants are having to put themselves in the best position possible to get the properties they want’.

Confirmation rental costs are sky-rocketing comes at the same time balooning energy prices, tax increases and prices rises across the economy are squeezing household budgets.

Wages in most sectors are stagnant but the Bank of England predicts inflation will hit 7% by the summer, leaving people much worse off in real terms.

Grainne Gilmore, head of research, Zoopla, said: ‘Rents have risen sharply in recent months, amid a backdrop of rising living costs.

‘But it is important to point out that in terms of rental affordability, in most markets rents are still close to the 10-year average. As demand continues to outpace supply, there will be further upward pressure on rents, but affordability considerations will act as a brake on large rises.

‘In addition, the January peak in rental demand will start to ease in the coming months, putting less severe pressure on supply, which will lead to more local market competition, and more modest rental increases.

‘The flooding of rental demand back into city centres thanks to office workers, students and international demand returning to cities means the post-pandemic ‘recalibration’ of the rental market is well underway.’

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