I’m in the West Midlands (London is just too weird to try and work in property!). Here a mortgage is about 15% more than rent for the equivalent property — so, while there are people for whom that 15% is the show stopper, it’s still a minority.

I have a number of tenants who are saving for a deposit, and some of them just never make it and move back in with parents.

It’s the deposit and affordability checks that’s locking people out of the property ladder — although that doesn’t extend to London, where the market is truly broken.

Your point about not having to sell a property, letting it instead is a good one, but the gap between people wanting properties and the supply is so great — and has been for so long — that the effect of BTL on property prices is minimal.

But your article was interesting (enough to make me put down my coffee and think) and I really appreciate your response — which again, made me think. If you ever want a landlord’s perspective (albeit outside the south east, where things are more normal) just ask — property circleyat jpkeates.com