People who rent homes privately in the UK are paying more for their properties per month, than those who purchase their homes, as demand in the rental market pushes costs higher. According to a new study, the average rent in the private sector, in the year ending 2016, was £184 per week, compared to £159 per week for mortgage repayments in the same period. Overall, homeowners spend an average of 18% of their income on their house, while renters, on average, spend up to 35% of their earnings on housing.

The number of people owning UK property has been dropping, from more than three-quarters in the 1980s to less than two-thirds today. And new figures published this week by the Department of Communities and Local Government (DCLG), report the number of people choosing to rent homes instead, has now hit its highest level ever. As of mid-2016, the number of privately rented homes was 20% of households nationwide, double the 1990s. And, there are nearly two million more properties occupied by private tenants than there were in 2000. Surprisingly, the proportion of young people aged 25 to 34 who are renting, has increased from 24% in 2006, to 46% in 2016.