The cost of raising a deposit to rent a home is set to balloon for Britons in the coming decade, a report warns.

The average rental deposit required is expected to grow by around 40% by 2026, to hit £1,111, according to figures compiled by the Centre for Economics and Business Research (Cebr).The projected increase is around twice the rate of expected growth in the average monthly salary, at 20%.

Tenants may increasingly find that the struggle to get a rental home presents similar cost challenges to buying a property, according to the findings.

The cost of a deposit would swallow up around 70% of typical monthly earnings, according to the figures compiled for financial comparison website money.co.uk.

In London, Cebr predicts the average rental deposit will be £2,733 by 2026, equating to more than a month's salary, at 120%.

Landlords have traditionally asked for four weeks' rent as a deposit. But the report estimates that based on recent trends, with people increasingly seeing renting as a long-term option, by 2026 more than two-thirds (68%) of deposits requested will be at least six weeks' rent.

The average rental deposits and the percentage of monthly earnings these will take up in 2026, according to Cebr:

North East, £795, 55%a

North West, £808, 56%

Yorkshire and the Humber, £797, 55%

East Midlands, £842, 56%

West Midlands, £857, 59%

East, £1,097, 71%

London, £2,733, 120%

South East, £1,469, 83%

South West, £1,149, 80%

Wales, £731, 51%

Scotland, £947, 60%

By Vicky Shaw, Press Association