The rise of the pent-up class The desire to move is being felt in London, too. Douglas & Gordon's London Barometer for September showed there were 30 per cent fewer family houses on the market than previously, while demand has increased and chains are lengthening. "Vendors want to wait and see what is going to happen, so they opt to rent out rather than sell up," says director Ed Mead. Dwindling stocks mean there are buyers queuing for properties in areas like Fulham and Battersea. Alex Oppenheim of John D Wood in Battersea says they come with £750,000 to £1 million to spend, looking either for something totally unmodernised to do up, or for a house which is superbly decorated. At under £500,000 the pressure is different, coming from first-time buyers who compete with parents buying for their children. The pent-up demand coalesces around hot spots. In Banbury, north of Oxford, Gerry Tyers, manager of Strutt & Parker lettings, says 25 per cent to 30 per cent of current tenants are trying to buy. A handful are first-time buyers, the rest are people who have already sold a property and can't find anything to purchase. So many are renting that there is also now a shortage of rented family houses. "It is bizarre," says Gerry. There is huge pressure for three-bedroom houses in the £1,200- £1,500 a month bracket. Other areas affected include Winchester in Hampshire, where Strutt & Parker have 601 house buyers registered, 300 of whom are "hot," 54 in rented property, with £50 million to spend. In St Albans, Hertfordshire, eight out of 10 new house buyers to the area have already sold and want to move into rented accommodation in the hope that there will be more on the market in six months" time. There are 813 registered on Strutt & Parker's books, 451 "hot," 58 renting, with more than £64 million to spend. The Cotswolds is another area where buyers are taking refuge in rented property. Rupert Sturgis of Knight Frank, Cirencester, finds that 50 per cent of his buyers are from London, many with families, looking in the £1.25 million to £2 million bracket, hoping for a five-bedroom farmhouse, and planning to commute into Paddington. "London house prices have gone up 30 per cent in the last five years, while country prices have remained on a level, so the differential works in their favour," says Rupert. Locals moving sideways also find themselves joining the logjam for rentals. William and Pauline Hinton found a buyer for their Gloucestershire house through Strutt & Parker in June and lined up something to rent from July because they were afraid of being made homeless, but the sale didn't go through until mid October. "We have paid over £2,000 a month just so that we could be sure we would have a good house to rent," says Pauline. I dread to think what it would be like for people with children. Beat the logjam One way around the jam is to buy a new house. Some developers offer to take your old house in part-exchange. Barratt does this at Kibworth Green in Leicestershire. Three and four-bedroom houses cost £194,999 from 0844 811 3377; barratthomes.co.uk.