Flat renting costs at record levels

The cost of renting a flat in the UK has reached record levels, according to new figures from FindaProperty.com.

It claims that tenants are being penalised for seeking smaller properties.

According to the property portal’s latest Rental Index, the average monthly asking price for renting a flat in the UK has reached £833 per month – the highest on record – and 2.5% above prices this time last year.

As renters come under increasing financial pressure to seek out more affordable accommodation, the cost of a studio flat has risen to £713 per month. Not only is this the highest price on record, it is also 5.9% greater than this time last year and 8.5% more than the current cost of renting a one bedroom flat.

Despite being cheaper to rent than a studio, monthly asking prices for one bedroom flats are also at their highest, averaging £657, which is up 3% on this time last year. This is not the case however for two bedroom flats, which saw asking prices fall 0.1% last month.

This trend is also mirrored in UK property sales market, where asking prices experienced the largest month on month increase ever recorded by the index. At present, asking prices for flats in the UK are at their highest since January 2009, averaging £176,645.

Samantha Baden, property analyst at FindaProperty.com, said: “Rental tenants looking for smaller