In January, regions that stood out the most included the North East were rental prices went down 10%, followed by the South West where prices fell by 8.1%.

Yorkshire and Humberside rental prices also cooled by 7.4% while Wales saw prices ease by 6.1%.

The current UK average rental prices stands at £1,432.

Propertymark also found that year-on-year salary requirements show only modest movement overall, with several regions still seeing increases in the income required to rent.

London stands out as an exception, recording a 3.7% month-on-month increase in average rents, despite a slight annual easing in salary requirements.

Data shows that the market remains increasingly fragmented, with national averages masking sharp localised shifts.

Propertymark president of the Association of Residential Letting Agents Megan Eighteen says: “January’s data points to a rental market that is clearly responding to seasonal demand dynamics, with widespread month-on-month rent reductions signalling increased price sensitivity among tenants and a softening of competition in many regions. However, this short-term easing should be viewed in context.”

“Despite notable monthly declines, the annual salary required to secure a rental property has remained broadly stable or increased in several areas, underlining that affordability pressures remain deeply embedded. Structural issues, particularly constrained supply, continue to limit the extent to which falling rents can deliver sustained relief for renters.”

“As a result, January’s figures reflect a pause rather than a turning point. While renters in some regions may experience temporary breathing space, lasting improvements in affordability will depend on increased rental stock and more balanced supply-and-demand conditions, rather than seasonal fluctuations alone.”