Private rents in Britain hit record highs, with 20% rise in some areas

Demand has soared in past 12 months while total number of available properties fell by 9%

Average private rents in Britain have soared to record highs, with severe shortages of properties resulting in more tenants paying above the asking price and stretched budgets forcing more people to downsize to studio flats, data shows.

The average advertised rent in Greater London is 16.1% higher than a year ago, which is the highest rate of growth of any region on record, according to the property website Rightmove.