The latest market analysis by Barclays suggests that spending on rent rose by 7.3% year-on-year in September, the largest increase since February. 

Amid the Bank of England base rate being held at 4% in September, and rising costs, confidence in the housing market has also decreased slightly from 29 to 27% month-on-month.

However, 27% of renters now believe homeownership is achievable within the next five years, up from 22% in August – and 30% think it is within reach in their lifetime. 

The perceived biggest barrier to homeownership has also shifted, with the cost of deposit now the top concern (41%), overtaking property prices (39%). To meet this challenge, the number of renters actively saving for a deposit to buy a home has increased by six percentage points month-on-month to 30%.

Despite new measures introduced by regulators in July to make mortgages more accessible and affordable, the ability to obtain a mortgage on their current income is the third-highest listed barrier to homeownership. However, Barclays says this is significantly less concerning, with just 19% of renters highlighting this issue.