Six in ten renters 'cannot afford to buy a home'

An increasing number of people are staying in the private rental sector as they cannot afford to buy a home.

This is according to a new survey by Rightmove, which found 60 per cent of tenants do not have the finances to pay for their own property, an increase of two per cent since the same question was asked three months ago.

The website claimed this is the highest number of "trapped" renters it has recorded since it began studying the issue in 2011.

However, owning their own home is still the ultimate ambition for the majority of tenants, with 96 per cent of those surveyed saying they hope to do so at some point in the future.

Interestingly, the study also revealed 31 per cent of renters who feel trapped have owned a property in the past. 

Miles Shipside, Rightmove director, commented: "The growing number of new households and former homeowners returned to the rental sector keeps producing new tenants."