A third of tenants are happy to rent long-term and have no plans to purchase a property in the future, new research reveals.

The survey of 1,000 tenants found that 31 per cent do not even regard getting on the property ladder as importan, while 26 per cent state that they don’t want the responsibility of owning a home and love the freedom of renting.

The majority of renters are happy with their current living arrangements, with 83 per cent citing they feel settled in their current home.

Five per cent of those questioned claimed to have spent over £3,000 in the last year to make their rental property feel more comfortable, mostly buying furniture or paying for redecoration.

The survey was commissioned by furniture company Sofology.