Nigel Purves, CEO of Wayhome, said: “We’re continuing to see a strong demand for homeownership, with annual house price growth 4.1% higher than last year, as the ‘race for space’ continues to pick up ahead of the Summer.

“However, with demand from buyers continuing to heavily outweigh supply there are clear imbalances to be aware of.

“Those who’ve managed to accrue savings over the last year are likely to be taking advantage of the record low interest rates and government initiatives to secure homes that truly meet their changing needs after a year in lockdown.

“But others aren’t so lucky; many are stuck in rental properties which aren’t fit for purpose, and homeownership is out of their reach despite earning good incomes.”

Purves added that the market needs to make changes and create options that will ensure that renters have a clear route onto the property ladder.

He said: “For this to become a reality, innovation is needed to create new pathways into homeownership.”