New research reveals that only 16 per cent of private tenants positively choose to rent.

The study, commissioned by specialist insurance firm Cover4LetProperty, asked tenants in the private rental sector their reasons for living in a rented property.

No fewer than 84 per cent said that they did so because they cannot afford to buy their own home; 16 per cent have more positive reasons.

These included enjoying living somewhere without the worry and costs of having to maintain the property; having the financial and physical freedom offered by renting; and not wanting to be tied down with a mortgage.

The survey also found 24 per cent of those aged 45 to 54 actually choose to rent versus just three per cent of respondents in the 25 to 34 age bracket.

Both of these age groups cited “ financial freedom” as the main reason for renting.

Perhaps most disturbingly, of the renters who said they cannot afford to buy their own home, 88 per cent earned £40,000 or more.