Demand to rent housing is of course one of the factors in the growth of BTL, which was created partly to supply more rented accommodation.

But we need to distinguish between a) demand for rented housing in the context of having a choice between buying and renting, and b) demand for rented housing in the context of not being able to buy due to the high price of owned housing.

Another problem is BTL has inflated demand for housing as a financial asset.

Supply hasn’t been able to meet that demand because of planning restrictions and low housebuilding volumes in the UK.

In addition, demand has been inflated by perceptions of housing as an investment on which you can’t lose, helped by the bailout of the banks in 2008.

The resulting price rises then create further captive demand as more and more people are unable to afford to buy.