House rents in Milton Keynes rise by 7% in one year, new figures show

Provisional figures from the Office for National Statistics show the average private rent in in the city reached £1,276 per month in the year to October – up 7% from £1,195 a year prior.

It was also up 29% from an estimated £989 a month five years ago.

The new comes as Propertymark, which represents estate agents, said selling property or turning to the short-term letting market is becoming a "more attractive" option for landlords.

Valuation Office Agency rent officers collect prices from a variety of sources, including landlords and letting agents, with the aim to collect data on approximately 10% of the market.

Across the South East, the average rent was £1,336 – rising 8% from the year before.

The figures also show the different costs for various homes in Milton Keynes, from £920 for a one-bed property to £2,011 for a home with four or more bedrooms in October.

A detached housed was shown £1,874 to rent per month, a semi-detached at £1,352 and a terraced home was £1,275 per month.

A flat or maisonette costs on average £1,078 a month.

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: "Getting good news about your rent is about as common as discovering your housemates have washed up for you, or your landlord suggesting you get a dog.

"It means for many, the only way out of the endless cycle of rising costs is to buy, but this is far easier said than done when rents absorb so much of your income."

In October, the average private rent in Great Britain was £1,307 per month. This was £105, or 9%, higher than 12 months ago.

Nathan Emerson, chief executive at Propertymark, said: "As we continue to see a further increase in rental prices across the UK, our members continue to emphasise key concerns regarding the ongoing trend of lack of rental stock versus an ever-growing number of tenants looking for homes.

"Selling up altogether or turning to the short-term letting market is becoming a more attractive option for landlords due to the challenging legislative changes and increased financial liabilities they face."