“Rental growth is slowing as affordability pressures bite,” said Ms Beveridge.

It is already on a downward trajectory. Rental growth in February slowed for the sixth consecutive month, down from a peak of 8.7pc in July 2021. However, this was still the fastest pace of growth recorded since Hamptons’ index began.

In the South East and inner London, where rents rose fast during the pandemic and where prices were already unaffordable, growth has already slowed to 1.5pc and 2.9pc respectively.

In the North and Midlands, areas that are less constrained by affordability, rental growth is still accelerating, with average growth of 9.6pc and 9.5pc.