Research by buy-to-let lender Paragon said that in the first quarter of 2015 the average yearly void period – the amount of time a property is empty between tenants – dropped to 2.4 weeks.

This is the lowest level recorded since the survey began in 2002.

In the final quarter of 2014 the typical void period each year was 2.6 weeks while in the first three months of last year it was 2.8 weeks.

This means void periods have fallen by an average of 14% in the last 12 months, a figure which has been steadily declining since 2013.

John Heron, Paragon’s director of mortgages, said increasing demand and lack of supply in the rental sector meant properties were being snapped up sooner.

“Void periods have been consistently low for some time, which is not unexpected when you also look at what landlords are telling us about the level of demand from tenants,” he said.

“In our survey for the first quarter of 2015, 42% of landlords said in their view tenant demand was either growing or booming and 54% felt demand was stable.

“The housing market is currently experiencing a shift, with more people choosing to live in the Private Rented Sector. This is supported by the figures released this month by the English Housing Survey which show 4.4 million households are now privately rented, compared with 3.9 million households in the social rented sector. This change in housing dynamics appears to be a continuing and long-term trend.”