Figures produced by Belvoir Lettings, show that national average rents across Belvoir offices are almost identical to one year ago.

Mike Goddard, CEO and founder of Belvoir, said: “Our statistics reveal that in March 2008, the average national rent that Belvoir properties were being marketed for was £690.30pcm. Over the next 12 months there was a degree of fluctuation and then a gentle decline in rental income, meaning rents are almost back to exactly the same level as they were one year ago.

“The reasons for this include the collapse of the residential sales market, an influx of properties to the market by reluctant landlords and also an uncertain financial climate which slowed the entire economy and caused many migrant workers who were renting to return to their home countries.”