Countrywide Lettings Index shows that rents in Great Britain were lower this February than in the same month last year, the first yearly fall since November 2010.
Nationally rents fell 0.6%, in February 2017, the average rent in Great Britain was £921 a month, £5 less than in February 2016.
In London the cost of renting fell 4.7%, in the South East it fell by 2.6%. The East and West Midlands were the only regions recording faster rental growth in February than in January.
The slowdown in average rental growth is driven by a number of factors including the fall in the number of tenants looking for a home, combined with a higher number of available properties available to rent in London and the South East, a surge that was recently driven by the rush to beat the stamp duty deadline.
Commenting, Johnny Morris, Research Director at Countrywide, said:
“Early signs point towards 2017 being a rare year where rents rise faster in the north of the country than in the south. While rents are likely to track any increase in earnings, affordability in London and the South East remains stretched. That is likely to limit rental growth.”