“That means some will simply have to bide their time because they can’t afford to move from their existing accommodation, very often a rented property. But if fewer people are moving away from the rental market, that increases demand and pushes up competition for available lets – and pushes up rent prices as well. Talk to any would-be tenant and you very soon hear tales of landlords opening bidding wars for monthly rents and commanding payments of several months’ rent in advance.”

This “additional pressure on the demand for rented homes” and “upward pressure on rents” is likely to impact the south of England most, as “the costs of buying are higher and the income required to buy is greatest,” says Richard Donnell, executive director of research at Zoopla.

However, it’s possible that the recent shake-up at Downing Street could stabilise the market. “Mortgages became more costly when interest rates increased on the back of money-market alarm at Liz Truss’s economic policies,” Howard says. “Now that she has been replaced as prime minister by Rishi Sunak, we’re seeing a shift in policy that has had a calming effect on those troubled markets, and which could see the re-emergence of more affordable mortgages.

“That’s not to say getting on the housing ladder will become significantly less expensive any time soon, but it might make it more realistic for some renters who want to buy their own home.”

UK banks are withdrawing first-time buyer mortgages in the wake of the mini-budget