Supply of rental accommodation rose at its quickest pace on record in the three months to July, outstripping the increase in demand from tenants, according to the latest data from the Royal Institution of Chartered Surveyors.

Rics’ latest lettings survey showed that many potential homebuyers had been forced into rental accommodation because they were unable to obtain a mortgage. Meanwhile, record numbers of homeowners were unable to sell their properties and were having to let them out.