Half of renters won’t own a home

The study also found that 42% of people who wished to get on the property ladder believe that their best hope of being able to afford a home is to inherit money or a house itself.

Lack of deposit and the inability to get a mortgage were cited as the main reasons stopping those that do not currently own a home getting on the property ladder.

Peter Gowers, chief executive officer at Safestore, said: “At a time when people are continuing to struggle to make their first step onto the property ladder, we are seeing more and more people moving into rented accommodation.

“The research shows the extent to which a large proportion of the British population is resigning itself to never owning their own home and believing that their best hope of ownership is through inheritance.

“An increasing number of people renting see self storage as an extra room to store important possessions, which they may not have the space for in their homes.”