Rents have dropped significantly in the past few months as people unable to sell their homes have been forced to rent them out, flooding the market.

The fall of about 2.2 % on average since the beginning of the year – and as much as 6% in saturated areas such as Oxford – has occurred as growing numbers of homeowners have reluctantly opted to become landlords while the property market finds a floor.

Website Gumtree says that more than half of landlords in its research have only begun renting out property in the past two years.

Financial Times