However, research from the website also revealed that there has been a 40% drop in the number of buy-to-let mortgages available over the past month.

With more than 10% of potential first-time buyers being forced to shelve their plans of getting on the property ladder because of higher deposits and affordability constraints, renting may prove a more popular option for those still biding their time.

Louise Cuming, head of mortgages at Moneysupermarket, said the figures are worrying in terms what they suggest for those who have no other option but to rent: “You would imagine this would mean the buy-to-let market would start to grow. However, our research shows the number of buy to let products has decreased from 4025 to 674 in just one year, with nearly 600 of these products removed since March 31st.

“As stringent lending pushes people into the buy to let market, the decrease in the number of buy-to-let mortgages becomes increasingly alarming. I fear we will soon see many people unable to buy or rent – the question is, where do they go from there?”