The annual rate of rental growth slowed between September and October according to Countrywide.

The cost of the average new let in Great Britain rose just 0.5 per cent over the last year to reach £958 per month.  

Excluding London however, where rental growth dipped back into negative territory, rents rose 1.2 per cent over the last 12 months.  

The Midlands and Wales continued to be the drivers of rental growth, where rents rose 2.2 per cent and 2.6 per cent respectively over the last year.

“Rental growth across Northern England has slowed under pressure from record numbers of new landlords” explains Johnny Morris, Countrywide’s research director. 

“But it’s a different story across the Midlands and parts of the South where rents are once again nudging upwards.  It looks like the last effects of the investor stamp duty surcharge have finally worked their way through the system” he adds.