The number of homes available for rent in the UK has plunged to a 14-year low amid an exodus of landlords from the market.

Just 241,000 private rental properties were available in June compared to 370,000 the same month four years ago - a drop of 35pc - according to consultancy Twentyci.

The situation is set to pile further misery on tenants, as the constrained supply pushes up prices.

The average rent being asked outside London has already reached a new record high of £1,190 per month, according to a property website, with typical rents inside the capital now at £2,500 per month.

It comes as landlords have been hit hard by rising buy-to-let mortgage rates, and also by the threat of more red tape regulation and the loss of tax breaks, prompting many to sell up.

As a result, TwentyCi said rental availability had reached its lowest level since its records began in 2009.

Colin Bradshaw, the company’s chief customer officer, told the Financial Times: “Availability is reduced and affordability is down.

“There are fewer properties and they cost more. That’s not great for renters.”

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