Paragon has welcomed figures from by the Department of Communities and Local Government (DCLG) which show that over 17% of English property stock, or one in every six homes, is now within the private rented sector (PRS).

DCLG figures show that 17.4% of homes are now within the PRS, a rise from 16.4% in 2009 and up 229,000 by number. Since 2000, the number of properties in the sector, which currently stands at 3.9 million, has risen by 1.8 million, reflecting the shift in housing tenures England is currently experiencing.

The number of properties in the owner-occupied sector fell from 14.9 million in 2009 to 14.8 million last year – the lowest it has been since 2000.

Nigel Terrington said: “More people are now relying on the PRS than ever before and we are certainly seeing a change in perception towards the sector. The increase in PRS homes is fuelled by a combination of landlords buying property with cash and buy-to-let mortgages