The lettings market is more competitive than ever, with seven people currently fighting for every one property on the books, according to Ivor Dickinson, managing director of Douglas & Gordon.

“With sales prices stopping dead in their tracks and rents rising every month, the market’s a perfect storm for buy-to-let landlords. The rise in rent is also being reflected in the majority of rental renewals increasing between five and 10 per cent,” he comments.

Dickinson also points out that historically the desire to own a property in the UK has overshadowed renting. “But increasing economic pressure is forcing potential homebuyers into rented accommodation, making renting more acceptable than before.”

Angharad Gabriel from Savills Richmond believes many problems in the current market could be avoided if landlords employed quality agents to help them.

“There are huge advantages of the landlord entering into a proper relationship with the agent from the viewing/offers stage. Applicants are more likely to opt for a property managed by an agent, because agents are always available, open six days a week and offer an out-of-hours emergency contact service. They also have contractors that work efficiently, compared with landlords going away on holiday and not leaving any contact details,” Gabriel explains.

Marsh & Parsons says the number of wannabe tenants in south London has risen from 2.5 to more than 12 over the last 18 months.

As a result, rents have soared, and landlords have started giving notice so they can re-let property at higher rents. When contracts are renewed, they’re being agreed at three per cent more than existing agreements.

Marsh & Parson’s Patrick Littlemore says an influx of foreign graduates is also driving demand. “Anyone who signed a tenancy agreement a year ago might have got a good deal, but they may face having notice served on them by landlords keen to earn higher rent.”