Agreed rents came in 4.4% below advertised on London homes Hello Neighbour listed from August to October.

50% of landlords kept rents unchanged over 12 months, up from 39% in the previous survey.

Average monthly rent is £2,338 in London, compared with £790 in the North East.

The survey of 544 landlords suggests landlord tax rises could prompt rent increases, property sales and exits from the private rented sector.

Advertised rents in London climbed to £2,825 a month, with listings down 9% and demand up 6%.

Rents fell in most regions in September, but rental affordability remains uneven, with the salary needed for an average-priced home ranging from £26,160 to £72,450.

Four factors are behind the caution: wariness, rising costs, new regulations and the wish to keep good tenants.

Average UK rents rose from £1,507 to £1,581 over the year, adding £888 to annual costs for tenants.

Average rent in Britain rose an estimated 8.7% between 2023 and 2024, from £1,174 to £1,276 a month.

8% of landlords plan a rent rise within six months, while 35% would raise rents beyond that but within 18 months.