This was up from 8.5% in the 12 months to January 2024 (revised estimate) and represents the highest annual percentage change since this UK data series began in January 2015.

However, commenting specifically on the London market Foxtons managing director of lettings Gareth Atkins said: “The London lettings market is adjusting as we predicted, with applicant demand down15% and listings up 20% compared to February last year.

“Landlords must adapt, as simply listing their property is no longer enough to achieve a good return. Though applicant numbers remain higher than 2019, we are conducting 23% more viewings in order to secure tenancies. Building a competitive pricing strategy and instructing a proactive agent are crucial for a landlord’s success in this evolving market.”

Foxtons managing director of Institutional PRS and Build to Rent Sarah Tonkinson commented:  “South London had the highest demand, Central London had the highest budgets and West London was the only region to see a year-on-year increase in average price this February.

She added: “Dig deeper, and you’ll find even greater differences within each region. Landlords can set their listings apart by understanding and adapting to nuances in their local market. That’s why we leverage real-time data and analytics to optimise our clients strategies, keeping landlords competitive within micro-markets.”