The average rental price in Greater London surged to £2,275 in September, marking a 6% increase compared to the previous month. This is the first time the average rental cost in the capital has exceeded the £2,200 threshold, according to this index.

Meanwhile, in the Southeast of England, the average rental price surpassed the £1,500 mark for the first time, currently standing at £1,524, representing a 2% rise compared to August's data. Rental prices in the Northwest and West Midlands also experienced a modest increase of 1%.

However, the data also indicates that the average salary of UK tenants decreased from £37,037 in August to £35,386 in September, reflecting a 4.5% drop.

This implies that despite the rising rental prices, tenants who moved in September experienced a slight decline in their wages, leading to some economic pressure.

William Reeve, CEO of Goodlord, commented on the situation, stating, "While September this year hasn't seen the nationwide rent increases that we experienced last year, rental prices in London and the Southeast have both reached record highs, far exceeding levels seen in early 2022 and 2023."

Reeve also mentioned, "The arrival of autumn typically brings a period of price stabilization, but with the market facing greater pressures than ever before, we question whether September signals the end of the price-setting cycle we've observed in recent months."

Overall, the UK's property market is grappling with a combination of tight supply and robust demand, resulting in continuous upward pressure on rental prices. Currently, more and more renters are feeling the economic strain of high rents.