These days, renting is regarded as a viable medium-term option, with many new ‘reluctant landlords’ who can’t sell opting to let their homes instead, says Susan Fitz-Gibbon from Fitz- Gibbon Residential in Richmond.

“As these properties join those already furnished to exacting standards by investors, tenants are being presented with a superb choice of accommodation. In many cases, we are seeing tenants renting moments from their own homes. Indeed, we recently let a house to a local family who have upsized and rented out their own property,” she says.

Over in Wimbledon, the market is very active. “People cannot sell, so they are putting their homes on the rentals market to let while they find a buyer,” explains Diana Jones from Robert Holmes & Company.

Jones also reports plenty of healthy enquiries from people living abroad looking to relocate to the UK – cheery news at a time when there is a slowdown in the financial markets.

“We are getting requests for rentals homes from relocation agents trying to find places for their clients. Many are looking to relocate internally, and also we are getting enquiries from couples and families from the Far East and Scandinavia,” she says.

With so many rentals properties on the market, rents have come down accordingly. Jones says she just reduced the price of a house from £15,000 a month down to £12,500.

Landlords need to listen to their agents when it comes to pricing. They should entertain lower offers to help them escape void periods (when the property is not let and therefore not bringing in any income), which can cost them more in the long run.

“Luckily, a number of our landlords are listening to our advice and they also are keeping their rental homes in good condition. It is very important right now with so much competition,” adds Jones.