Amid a cost of living crisis that continues to put millions in the UK under financial strain, the trend could set a worrying precedent for the skyrocketing rental market.

The DPS report is just the latest in a line of surveys showing that intense competition is adding to the financial pressure being felt by many households.

It also found that the typical rent paid in the first three months of this year was 6.1% higher than 12 months earlier and stood at £849 a month – up from £800.

Earlier this year, Zoopla said private rents were rising at a record rate, and prospective tenants outnumbered available rental properties by more than three to one.

More than 1 in 7 UK renters ‘overpaying’ as post-pandemic property shortage drives up costs