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

Advertised rents in Manchester have increased by an average of 20.5% in the past year, according to Rightmove. Photograph: Christopher Thomond/the Guardian

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.