The rental market is now operating at around half its capacity, according to lettings data.

Figures from proptech firm Goodlord, which provides electronic tenancy agreements and automated property management for landlords and agents, said the number of new lets being setup fell 50% annually last month, while the number of completed applications was down 40%.

Goodlord said much of the dip was at the start of the month in the run up to Easter and claimed the market is starting to level out.

The dip has led to an increase in void periods for landlords, up from 17 days in March to 22 in April, Goodlord said.

But there were regional variations.

London, the east and the north east of England all experienced drops in voids by two days.

The north west (3 days), south east (2 days), and the south west (5 days) of England saw the biggest increases.

The lack of activity also led to average rents across the UK declining by 2% on a monthly basis during April, from £878 to £861 per month.

Wales and the west midlands saw the biggest drop, with both regions recording decreases of 6% to £621 and £703 respectively.

Average rents in London were down 2.3% to £1,608, while the south east and the east midlands both recorded 1% increases to £1,032 and £798 per month respectively.

Tom Mundy, chief operating officer at Goodlord, said: “Everyone in the industry is doing what they can to cope with an unprecedented set of challenges.

“With restrictions on movement continuing, it’s no surprise that market activity is significantly down year-on-year, and that rents and void periods are fluctuating across the regions.

“There is some comfort to be taken from our lettings activity tracker, which shows a new level of consistency in market demand over the past week.

“Whilst a halving of activity year-on-year remains a crippling statistic for the industry, we also believe a huge amount of pent up demand will be released once lockdown lifts.

“Agents who are able to plan ahead for this, and can ensure their strategies adapt to the new normal of social distancing, will be in a strong position to capitalise on that surge.”