The average weekly private rent is £198, compared to just £174 a week for the average weekly mortgage payment, according to government figures.

The latest English Housing Survey revealed that those with mortgages spend an average of 18% of their household income on mortgage payments, compared to 31% for private renters.

Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “Renters are running to stand still, and have to find enormous sums each month to keep a roof over their head. It’s no wonder so many face a horrible challenge in making ends meet, let alone save enough to get onto the property ladder.

“On average, renters hand over a far larger proportion of their income in rent than owners spend on their mortgages, which means they have had far less opportunity to build their resilience during the pandemic than their homeowning counterparts.”

Lack of savings

The English Housing Survey also revealed that only just over half of private renters have any savings at all (55%), which means they’re far less resilient to sudden shocks than the 81% of owners that have built up savings.

And despite the fact that two thirds of renters expect to get onto the property ladder in the future (61%), it’s an enormous challenge, which means the average age of first-time buyers is now 32.

Higher earners are unsurprisingly far more likely to be able to afford to buy, which is hardly surprising when you consider that the average deposit was £44,294.

Coles added that private renters face a ‘horrible catch 22’. She explained: “Renting is too expensive for them to save to get onto the property ladder, which leaves them at the mercy of rising rents.”

Graham Cox of Self-Employed Mortgage Hub, added: “Nearly one in six 45-54 year olds now live in private rented accommodation, up from one in nine a decade ago, which is a sobering figure. This is presumably due to high property prices and insecure employment.”

Tenure breakdown

There are an estimated 24 million households in England, according to the figures.

Just over two thirds (65%) own their home – split roughly evenly between those with a mortgage (30%) and those who own outright (35%).

Just under a fifth (19%) of households privately rent, while 17% live in socially rented accommodation.

In London the mix is different to elsewhere in the UK, with 27% renting privately, 22% owning their home outright and 29% owning with a mortgage.