A report revealed that most people are tenants by compulsion and not by choice and most of them would prefer to own a home of their own, a report has revealed.
They find themselves trapped in the vortex of tenancy as buying a property in the prevailing condition has not only become high but also prohibitive.
The average home in one part of the country has an asking price of 2 million pounds.
The average home may be costing £163,000 but the salary averages for a full time worker is just £26,000.
The report says the number of families who are privately renting has ballooned and would continue to rise over the next few years.
Since the 1970’s the number of families renting a home has shown a high with one in every six families renting a home, they live in, an official figure has revealed.
A report by estate agency, Rightmove in its property website has said that the numbers are bound to rise even higher to one in five families in just four years time.
The agency said that it was expecting that, by 2016, 20 per cent of all households would be privately renting their home, with many finding their take-home pay wiped out by the monthly rent bill.
It said that the rental Britain was here to stay. The report said that the spotlight was usually pointed only at young people, with first time buyer unable to get onto the property ladder as the banks insisting 20 percent average deposit before giving any mortgage loan.
The report also said that first-time buyers were now joined by a new generation of more mature renters, particularly families.
According to Rightmove estimates ‘trapped renters’ form more than half of the rental sector in the UK with quarter of these being over 40. It added that a country which has so much emotional quotient attached to private homeownership it would be difficult to accept the condition.
The report reveals that renting of property was more costly than paying the mortgage Property loan. Overall the report estimates that there are 4.8millio privately rented homes in Britain, compared to just 2.5million a decade ago, a boon for buy-to-let investors.