Rents across the UK began to shrink for the first time in over half a decade toward the end of 2017, falling by -0.01% in November, as a two-speed market emerged between London and much of the rest of the UK. The average rent paid for a UK property grew by 0.53% in 2017 (year to date), with falling rents in London (-0.83%) weighing down otherwise resilient rental growth elsewhere (1.27%).

These are the findings from the second edition of the National Rent Review from buy-to-let lender Landbay. UK rents fell by -0.01% in November 2017 - the first time rental growth has entered negative territory in at least half a decade.

The average UK rent has now plateaued at a record £1,196 per month, up from £1,190 at the turn of year. Removing London from the equation puts average rents at £759, up from £750 at the turn of the year, an extra £9 per calendar month or £109 per year.

The slowdown in rental growth has not been consistent across the country. The East Midlands (2.13%), South West (1.63%) and East England (1.57%) experienced substantial growth in 2017 and are expected to climb further as we head into 2018. The North East has also seen rents grow at a faster rate in 2017 than at any other time in the past five years (0.65%).