The average rent in February 2019 was 0.4% higher than the same point a year ago, although the rate of increase has slowed according to the Your Move Rental Tracker.

Last month the annual growth rate was recorded as 1.4%.

Across all of England and Wales the average rent stands at £861 per calendar month (seasonally adjusted).

The South West of England was home to faster rent rises than anywhere else in England and Wales, Your Move found.

Prices in the region rose by 4% in the year to February 2019, reaching an average rent of £703 per calendar month.

The prosperity in the South West comes as many landlords look beyond London for higher yields and cheaper purchase prices for new properties. Cities in the South West such as Bristol have continued to boom in popularity, with this increased demand causing rents to rise, Your Move said.

Other beneficiaries of this shift away from the capital were theWest Midlands, where prices rose 3.1%, and the Yorkshire and Humber region, which saw rents increase by 2.1%. In the West Midlands the average rent now stands at £636 while in Yorkshirethat figure is £588.

The latter remains the second cheapest place to rent in this survey, just ahead of the North East. In this region the typical rent is £540, 1% higher than a year ago.

Martyn Alderton, national lettings director at Your Move, said: “Renters have been drawn to Bristol, not only because of its vibrant arts and cultural scene but also its strong job prospects.

“This has been accompanied by a boom in build to rent in the city, which has driven up demand and the average rent across the region.

“Private landlords meanwhile have tended to prefer the charms of the north of England, a region where yields are significantly higher than elsewhere.

“But returns in all regions have remained steady compared with January, meaning landlords across the country have enjoyed solid yields.”