The cost of renting property in the UK has gone up twice as fast as the cost of a mortgage, official figures suggest.
The average monthly spend on rent will shortly overtake the average mortgage cost.
The data, from the Office for National Statistics, studied average costs for mortgages and rents from 2010 and 2012.
During that period, the average rent went up from £121.50 per week to £136 per week – an increase of 12%.
Mortgage costs rose from £130.80 to £138.60, or a 6% rise.
The increase in the cost of renting is another negative pressure on those wishing to buy property. House prices look set to continue on an upward trajectory in 2014, aided by the revival in the economy.
Housing shortages in major centres are part of the force pushing up rents, making it harder for people to save up the necessary deposit.
Although mortgage lenders have relaxed some criteria, most still demand either a large deposit or a high ratio of income to loan size.
