Around 54 per cent of buy-to-let investors said they thought tenant demand would grow in the next 12 months, while 36 per cent thought it would remain stable.

Only five per cent of the 200 landlords questioned thought demand would fall, according to specialist lender Paragon Mortgages.

And Fleetwood's rented accommodation market reflects the national trend.

Although the town has always had a healthy rental market, the demand is increasing further.

Neil Latus, proprietor of Latus Lettings in Poulton Street said: "The demand in Fleetwood has always been awesome but that is the nature of the town.

"However it has gone beyond that now as the housing market continues to decline and people find that renting is the only realistic option.

"At present there is not enough rental property in Fleetwood to meet the demand."

Rising demand has led to a fall in the average amount of time a buy-to-let property is empty for between tenants, with average void periods falling to just 2.7 weeks a year, the lowest level since February 2006.

John Heron, managing director of Paragon Mortgages, said: "We have consistently said that buy-to-let has strong counter-cyclical qualities and we are now seeing concrete evidence of this.

"Potential home buyers are postponing purchasing decisions because they either feel uneasy about the current market or they simply can't get a mortgage, so they are renting.

"Combined with strong demand from students, immigrants and people that choose to rent as a lifestyle choice, this is putting an increased strain on the private rented sector's stock.''