The number of tenants seeking rental properties has reached an eight year high, according to the latest research data from the Association of Residential Lettings Agents (ARLA).

Letting agents from across the UK are reporting a significant shortage of available rental properties, as tenant demand far exceeds supply.

Ian Potter, Operations Director of ARLA, said: “The market has bounced back in a way that no one could have predicted to levels of demand that have not been seen since the last century.

“More than 70% of our member agents have stated that consumers coming to their offices are now being forced to rent property, because of the pressure exerted on potential home buyers. This is real evidence of ‘a generation forced into renting’ and the Government must recognise the need for more regulatory protection for them.

“As a minimum this must include consumer redress through an Ombudsman and Client Money Protection similar to an ABTA Bond. Our members offer these benefits to the consumer be it a landlord or tenant,” said Potter.

ARLA say that the levels of demand are the highest since their survey began nearly a decade ago and that demand is more than double that experienced at the peak of the property boom in 2007.

Demand is highest in the south east of England where 81% have stated that there are more tenants than properties compared to 67% in the rest of the UK and 73% in Central London.

“It has to be hoped that this unprecedented growth in the rental market will attract much needed investment into the private rental sector as it copes with the huge surge in demand from a generation who cannot afford to buy,” explained Potter.