Since people in droves are choosing to rent instead of buy, average rental prices in the UK have reached a two year high.  For seven months in a row now, rental prices have risen.  In August alone, prices increased by 1.4 per cent.  The average monthly rent in the UK has reached an over-the-top 686 pounds.

David Newnes, LSL’s estate agency managing director, commented on the current state of the market, saying: "Rents are jumping up as more and more potential home buyers opt to rent.

"People are wary of a crash in house prices and concerned over the effect of government cuts on their own ability to meet long-term financial commitments. Additionally, many cannot get a mortgage at an affordable rate.

"Furthermore, the huge number of reluctant landlords we saw renting out property last year has now had the opportunity to bank their gains and sell up."

The Council of Mortgage Lenders survey also showed the South East of England has properties whose rent rose the most at almost 3 per cent.  In the West Midlands conversely, prices dropped by 1.5 per cent.

A sign of the times with renters was evident in their response about home ownership recently.  When asked in a survey about home ownership, more than 400 of 1,326 replied and said, they didn’t think they would ever be able to afford property.

Unfortunately, with the rise in number of people renting, also comes a rise in landlord scams.  Almost one million Brits have fallen victim to a scam involving a private tenancy in the past 36 months.

The campaigning group’s Shelter chief executive, Campbell Robb, commented on the possibility of a scam within the private sector, saying: “With more and more people set to become private tenants in the future, we believe these scams are a widespread problem that will create thousands more victims unless we urgently do something about it.”