Rent increases for tenants across the UK have fallen to their lowest since 2013, new figures have shown, with prices in London dropping for the ninth month in a row.
Rents rose just one per cent to £1,190 in the year to February, the lowest rise since April 2013, figures from Landbay showed. In the capital, rents fell 0.5 per cent, although they were still as high as £1,882.
Stripping out London, UK rents rose 1.84 per cent to £751, with tenants in Wales hit by a 1.4 per cent rise, to £635, while rents in Scotland rose 1.3 per cent to £722.
Figures have suggested the UK experienced a house price dip after the EU referendum, but an index published today showed prices grew 0.6 per cent in February, their fastest pace in 12 months and double the growth rate of January.
And a study by the Royal Institution of Chartered Surveyors (RICS) published last week suggested rents in the UK could rise by a fifth over the next five years, although tenants in the capital will be faced with a rise of 15 per cent.
John Goodall, chief executive of Landbay, pointed out that whatever happens, UK renters are struggling.
"While it may seem as though we are starting to see some much-needed relief for renters, the cost of renting a property remains a huge burden for the 4.3m people in the private rented sector across the UK, especially in London where average rents are significantly more expensive than the rest of the country.
"Although this could give the impression that the market is beginning to turn a corner, this is a situation that is unlikely to change in the foreseeable future. Demand for rented accommodation will remain robust over the coming months and years and continue to stoke up rental values, as rising house prices, falling wages and rising inflation dampen the ability of aspiring homeowners to save for a property of their own."