If people renting a home continue to do so and not move onto the housing ladder at present rates then the UK will see more renting than owning a home by 2039, according to new research.

Currently home owners account for 65% of the housing market, a fall of 5% since 2010. If there is no change in tenures then that is set to become 50.7% renting and 49.3% owning within 20 years.

The analysis from letting compliance firm VeriSmart also says that by 2045 this will have grown to 55% of the nation living in the rental sector and 45% owning their own home.

It suggests that this is not a trend driven out of necessity but rather people choosing to rent within the private sector, as during this time the number in social rental accommodation has also dropped.

In contrast, the UK is home to the fifth highest percentage of tenant occupiers of all EU nations, behind just Germany, Austria, Denmark and France.