The latest English Housing Survey has found that the private rented sector has doubled in size since 2004, with ownership now at the lowest level since 1985.
The survey, produced by the Department for Communities and Local Government, found that of the estimated 22.8 million households in England, 14.3 million were owner-occupied in 2015-16.
Following a decline in ownership the private rented sector has now ballooned in size and accounts for just over 4.5 million households.
It now it now represents 20% of the total. In 2002 it was 10%.
John Goodall, CEO and co-founder of Landbay, said: “As house prices rise further out of reach of aspiring homeowners, home ownership levels have dwindled. Generation Rent is growing both in volume and household size, with people now more likely than ever to be in rental accommodation not just as young adults, but also as they begin and grow their families.
“This is a growing problem in London particularly, where space is already at a premium. Tenants in the capital are paying a premium for larger properties, three times the national average in fact, according to the Landbay Rental Index.
“Whether tenants are renting as a stepping stone on the way to home ownership or, increasingly, renting for life, more people than ever are reliant on a well-served buy to let market to ensure price growth doesn’t become unbearable.
“Last month’s Housing White Paper was a promising sign that the private rented sector may finally start to be given the investment and attention it needs to prevent the market from boiling over.
“Hammond’s upcoming Budget is the perfect opportunity to now deliver his commitment to build-to-rent developments, prioritising the areas in the UK that need them the most.”