Institutional investment needs to be drawn into the sector, including via government action to take on some of the risk borne by developers, it suggested.

If pension funds reduce, so will institutional investment in industry, which will damage growth.

I would expect ministers to introduce measures to encourage institutional investment in a market dominated by individual landlords.

Supporters of the private rented sector say significant institutional investment in housing will encourage the large-scale building of high-quality homes.

There have been well over 40 reviews since 1997, including everything from climate change and land-use planning to regulation, work incentives and institutional investment.