The number of people looking for rented accommodation has shot up this year, with September figures 50 per cent higher compared to the same time last year, according to research from online estate agency Your Move.

The increase of those looking to rent their home rather than buy it coincides with mortgage approvals being at an all-time low, as would-be buyers are forced out of the market by tighter lending conditions.

Many people are finding themselves unable to buy a property as lenders tighten their risk criteria, lower their maximum loan to value and demand higher deposits for the most competitive mortgage deals.

Other potential homeowners, meanwhile, are biding their time as house prices continue to come down so that they can grab a bargain when the market hits rock bottom.