Supply and demand for rented properties have soared in the wake of the housing slowdown, figures from the Royal Institution of Chartered Surveyors (RICS) have revealed.

The body saw the number of houses being rented out rise at the fastest level on record in July, as people who would otherwise have sold their property decided to become landlords instead.

The survey found that 43% more RICS members saw a rise than a fall in the number of rental properties coming onto the market in the three months to July, compared with 30% the quarter before.

But demand for such properties has also increased and that has pushed up rents as a result. "Many would-be buyers have been forced to rent as the route to mortgage finance has been blocked," the body said.