Tom Hassall, 37, currently lives with his family in Caversham but in trying to find a place to call his own he has reached his wits’ end. He says the seller’s market leaves potential buyers fighting over Reading’s limited housing stock.

In anger, he created an online petition on change.org on Tuesday to bolster support in limiting the number of investors who can scoop up the valuable properties and give back some form of control to private buyers.

Mr Hassall said: “For about a year I have been trying to find something within my price range but they are snapped up within days of going on the market.

“The last two occasions I have been to an open viewing there were 30 other people minimum and there were people walking in through the doors making instant offers over the asking price.

“I’m looking for anything that is reasonable but there are just not enough houses available in Reading.”

So far the petition has attracted 50 supporters. Mr Hassall has also written a letter to the Prime Minister, David Cameron, outlining his concerns.

Jessica Williams, of Reading, commented on the petition.

She said: “As a first time buyer I’ve been living with my parents longer than I would have hoped to save up enough money for a deposit.

“I will be looking to buy in the near future, but I’m scared I may never get my foot on the property ladder if these properties get snapped up by investors.”

And Jennifer Leach said: “I’m tired of greed. Without affordable housing we have no community, without community we have no good reason for living on this planet.”

As reported in the Chronicle in January Reading is in the middle of a housing crisis, with 10,000 people on the council house waiting list.

We also reported in a separate story that the “Crossrail effect” could cause an estimated 42.7 per cent rise in property prices by 2020, leading to fears the problem for first time buyers will only get worse.

Mr Hassall said: “In Caversham there was a one-bed flat with just a kitchen-diner and a shower going for £250,000. There is just no hope.”

In recent years, Reading has seen a steep rise in investors buying up family homes for conversion into HMOs (house of multiple occupancy) which campaigner Karen Rowland, of west Reading is currently trying to fight.

She said: “These investors have tons of cash so by the time an honest resident finds the property, sorts their mortgage and talks to anyone in a chain it has already been snapped up.

“Investors just have the money sitting there so they can buy straight away.”

Cllr Richard Davies, housing leader for Reading Borough Council, said: “Buy to let does restrict it for owner occupiers but there are people who cannot afford to buy who need rented accommodation as well.

“When they are rented out they are returning as homes for people so they do not disappear completely.

“Quite often you find there is a problem with accidental landlords — people who have inherited a property or are just dabbling with a few homes — and they do not quite understand all the duties they are supposed to perform.”

lFor more information or to sign the petition see http://chn.ge/1DTE9ym