The cost of renting a property in the UK has reached a record high of £718.

Rental costs in London, the South East, Yorkshire and the Humber, the East of England, Wales and the East Midlands have hit a new record as the average payment hits £718 per month.

According to the latest Buy-to-Let Index from LSL Property Services, with annual rental inflation at 4.3pc, the average monthly rent is £29 higher than in September last year. The average yield last month rose from 5.2pc to 5.3pc.

Rents in the South East and the East Midlands saw the steepest increase, rising by 1.8pc and 1.1pc respectively compared to August, while the smallest increases were in the West Midlands and the North East, where rents rose by 0.2pc and 0.3pc.

However, over the course of the last year, London's rents have risen at a faster rate than any other region, increasing by 5.8pc. The next biggest annual increases were in the South West and the West Midlands, where rents rose 5.4pc and 5.1pc respectively.