Average rent for homes rises by 6% in Milton Keynes

The news comes as Propertymark, a membership organisation for estate agents, warned the rental sector faces "sizeable challenges" with an average of 10 people wishing to rent each property currently available in the UK.

Provisional figures from the Office for National Statistics show the average private rent in Milton Keynes reached £1,287 per month in the year to March – up 6% from the previous year £1,213.

It was also up 29% from an estimated £1,000 a month five years ago.

Data on rent prices is collected by the Valuation Office Agency from a variety of sources, including landlords and letting agents, with the aim of collecting data on approximately 10% of the market.

Across the South East, the average rent was £1,368 – rising 7% from the year before.

In Milton Keynes, the figures also show the different costs for various homes in the city. These vary from £930 for a one-bed property to £2,026 for a home with four or more bedrooms .

Among the property types in the area, a detached housed cost £1,891 to rent per month, semi-detached cost £1,363 per month, terraced house was £1,284 per month and a flat or maisonette was £1,089 a month

Nathan Emerson, chief executive of Propertymark, said the rental sector continues to see "sizeable challenges from a magnitude of different angles".

He added: "We continue to see a considerable mismatch between supply and demand, with an average of 10 people wishing to rent each property currently available across the UK.

"In addition, we are seeing vast legislative changes that will affect how and if some landlords are able to continue operating within the sector.

"Throughout the last twenty years, renting a property has become enormously more popular with people, and it’s vital there is targeted support and investment in the sector to keep pace with ever-intensifying demand."

In March, the average private rent in Great Britain was £1,343 per month. This was £96, or 8%, higher than 12 months ago.

Ben Twomey, chief executive at campaign group Generation Rent, said: "Everyone needs a safe, secure and affordable home, it's the foundation of our lives. But renters across the UK are facing soaring rents, which are swallowing our earnings.

"When we are forced to spend too much of our income on rent, the effects ripple across the rest of our lives. It means children are going to school hungry, and older renters can't afford to turn the heating on. High rents are trapping people in poverty and forcing them into homelessness.

"Price caps rightly exist for our energy and water bills, but there is nothing to stop a landlord suddenly hiking the cost of someone's home."