Residential rents fell for the first time since April 2003 in the three months to October as the supply of properties to let surged, according to the latest survey from the Royal Institution of Chartered Surveyors.

The Rics said that the rising supply reflected the numbers of homeowners unwilling or unable to sell in the current market choosing to become landlords. “Would-be home sellers are opting to bide their time by catering for the increased demand rather than sell at distressed prices,” Rics said.