According to the latest Deposit Protection Service (DPS) rent index, the average UK monthly rent during Q1 2018 was £772, down 0.54% on the previous quarter (£776).

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Julian Foster, managing director at the DPS, said: “The decrease in average rents across the UK could represent the beginning of a substantial development for the housing sector and a significant indicator for understanding the wider economy.”

Northern Ireland saw the biggest percentage decrease in rent of any UK region, falling 3.14% from £544 to £527.

London experienced a 1.39% decrease in average rent, from £1,325 to £1,307.

“The UK-wide decrease implies that there is more at play than a short-term or local correction to excessive prices, and a similar reduction in Q2 could represent the first annual decrease in rents since 2009,” Julian added.