The cost of renting a home in South Hams has fallen over the last year, figures show.

Between April 2016 and March 2017 the median monthly rent for all houses in South Hams was £725, according to the Valuation Office Agency.

However by 2017-18 that had dropped to £700, a fall of 3.4 per cent.

The UK currently has the highest number of private renters in the country’s history, more than one in five households. By 2021 one in four people are expected to be private tenants.

Despite the recent dip, rents in South Hams are now higher than they were in 2013-14, when the VOA first began publishing this data. Over the last four years they have increased by around 7.7 per cent on average.

The area’s median rent is the same as the average for the South West.

The median is the middle figure out of a group of numbers, so not distorted by very high and very low rents.

Lawrence Bowles, research analyst at the estate agents Savills, said: "The outlook is strong for investors. The current figures show rental values falling, but we’re expecting a return to growth over the next five years.

"However this is less positive for tenants."

Mr Bowles explained that rental stock was likely to decrease as the Government reduced tax relief on buy to let mortgages. Savills estimates that by 2022 buy to let lending will drop by 27 per cent.

He continued: "Our forecast is strongest for investors in London and we expect rental prices will be in line with wage growth there and in other big cities, such as Manchester, Bristol and Birmingham.

"Outside urban areas I expect rents to grow slower than wages."

The data also shows the median monthly cost of renting a one bedroom property in South Hams, which is now £525. That’s a 6.1 per cent rise on 2013-14. For families renting a three bedroom home the median cost is £825, a 10 per cent rise.

The figures are calculated after the VOA has collected samples throughout the 12 month period. Different years have different sample sizes so annual changes are estimates.

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Westminster has the highest median rent in England, at £2,265. Hull has the lowest, less than a fifth of Westminster’s figure, at £399.