Simon Preston, chairman of Iammoving.com, explained that there is currently “a lot of nervousness in the market” and this means many people are looking to rent rather than buy.
He said: “[This is] not a dissimilar mentality to people selling their stocks and shares, putting in the cash and sitting on their hands waiting to see what happens.”
Preston added that the situation was not a short-term one and people could remain out of the housing market for up to two years.
A report by the firm published last month found that 18 per cent of people are considering selling their property and moving in to rented accommodation.
In February, research by the Department for Communities and Local Government found that the number of owner occupied home in England fell by 83,000 last year.
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