Experian’s survey of nearly 1,500 private renters in the UK suggests 1,655,680 tenants are frustrated first-time buyers.

One in five (18 per cent) private tenants don’t believe they would be accepted for a mortgage so feel renting is their only option, while a tenth (10 per cent) have struggled to raise a deposit and consequently been forced to delay their plans to buy. A further five per cent have had to prolong their time renting as they’ve been held up in securing a mortgage.

Experian’s Jonathan Westley said: “Many would-be first-time buyers face the challenge of saving for a deposit on a home while paying rent each month. While our research also shows that a significant amount of people are happy to rent in the long-term, whether it’s because they enjoy a good relationship with their landlord or the flexibility of rented accommodation.”

A quarter (25 per cent) of those surveyed intend to buy a place of their own sooner rather than later. Nine per cent are currently saving for a deposit and believe they will be able to buy within the next 18 months, while 16 per cent reckon they will need between two and five years to build up the required deposit. A third of private tenants are content to rent and have no plans to buy a home of their own in the next five years.

Would-be first-time buyers who have been frustrated in their attempts to get onto the housing ladder are more likely to be single parents or couples with children. These tenants either doubt they would get a mortgage or have had difficulty securing one, or have struggled to get a deposit together. Three-quarters of this group (74 per cent) would like to see rental payments contribute to their credit report.

People who are happy to rent tend to live alone or only with other adults and are less likely to see rent as ‘dead money’ than private tenants as a whole. One in four (26 per cent) of satisfied renters disagree when asked if renting is a waste of money, compared to 16 per cent of all private renters.