In a survey of 1,000 tenants whose deposits are registered with the Deposit Protection Service (DPS), 38.4% said they were not looking to buy a property and would instead continue to rent long term.

Of those hoping to live in their own property, 25.5% said they hoped to own within six months, although 62% said they didn’t expect to within the next year.

Julian Foster, managing director of the DPS, said: “Renting is a vital part of the housing sector, and a significant proportion of the UK population choose to be tenants as it better suits their life plan or lifestyles.

“However, buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage.

“The UK needs a flexible residential sector that suits the varied life choices and priorities of our diverse population, and the rental sector plays an important role in providing people with real housing options.”