Further proof that one man’s recession is another man’s business opportunity comes with the news that demand for private rented accommodation in Britain has increased as the UK’s mortgage market has collapsed.

Indeed, the problem is not one of demand but of supply. The British private rented sector has never really recovered from the collapse caused by misguided legislation from the 1960s onwards.

Laws intended to protect tenants had the opposite effect. The nice little old lady who used to rent out her spare room decided that the tougher business environment was not for her – leaving the market to the big corporate players and to ruthless landlords who care little about laws.

Once real estate property becomes relatively cheap to buy, it may be the time for mid-level players to re-enter the market, relying on increased rents to pay increased mortgage – if they can get the mortgages in the first place.