Rental growth in England (excluding London) fell to 1.18% in the year to May 2018, the smallest annual increase in five years, according to the latest Landbay Rental Index.

The last time annual rental growth in England was at this level was in April 2013, when rents increased by 1.16%. Annual rental growth peaked in November 2015 when it was at 2.63%, though this has gradually slowed each month since to return to 1.18%. The average rent paid for a property in England outside of London now stands at £769 or £1,234 if you include the capital.

Rental growth outside of London remains positive and, despite the pace slowing, rents have increased by a cumulative total of 10.32% over the past five years. Rents in the East of England have seen the most considerable growth during this time, growing by 14.67%, closely followed by the East Midlands where rents have increased by 12.83%. The North East has seen the smallest amount of growth, with rents rising by just 1.90% over the same period.

Meanwhile, annual rental growth in London has been below zero for 17 consecutive months but London rents have still risen by 6.88% over the past five years.