The speed at which rents across are growing has more than halved since a three per cent stamp duty surcharge on second homes came into force 12 months ago.

Research by lender Landbay says annual rental growth slowed to just 0.9 per cent last month, well under half of the rate of 2.27 per cent seen at the end of March 2016. 

The average rent paid in the UK has now reached £1,191; £1,880 in London and £752 outside of the capital.

Although at a slower pace than they were a year ago, rents are continuing to rise in the rest of the UK but in London the average rent paid fell for the 11th consecutive month in March, falling by 0.7 per cent.

Rents in England (outside of London) have seen the most substantial growth over the last year, growing by 1.86 per cent, followed by Wales growing 1.41 per cent and Scotland on  1.25 per cent.

Just Northern Ireland saw rental growth below the UK annual average, growing by 0.07 pr cent over the last 12 months.