For the first time in 24 months, rental prices of homes in England and Wales have increased faster than the prices of homes in the same areas. High demand for housing coupled with massive amounts of shortages of affordable housing is creating a unique balance between properties which can be purchased compared with those which can be rented.

The average rental prices for Wales and England have ballooned to slightly less than £800 during the month of June. This is a one year increase of almost 6% since the same time last year. Rent average during the month of May was 1.4% less at £778.

The increase in rental rates is not just a mark that demand for suitable housing is increasing; it also marks a moment in history. This is the first time rents have risen faster than house prices since the middle of 2013.

Adrian Gill with Reeds Rains and Your Move commented on the latest data emerging from the rental market, saying: "The pedal is pressed to the metal in the rental market. Not only have rents hit a new all-time record high – but we have never seen them rise so quickly.

"Growing wage packets and a strengthening economy mean that a greater number of tenants are able to afford higher rents. With such an overall shortage of housing in the UK, rental costs are primarily driven by the amount tenants are capable of paying.”

Gill added: "Rents have also decoupled from inflation. While record low inflation fueled by falling oil prices might bring clothes or food within the range of tenants' purchasing power, it doesn't have much of an effect on the property market in the short term.”