The attitude of many young people when it comes to home ownership is changing, so the country is becoming more in line with the rest of Europe.
New research by Halifax found that 46 per cent believe that the situation in the UK is becoming more like that in Europe, with renting becoming the norm and fewer people are prepared to fund the purchase of their own home.
What's more, 86 per cent of tenants said that they're not willing to reduce the quality of their accommodation in order to pay less rent.
Instead, Britons are keen to pay higher rents in order to ensure that they can live in a home that is to their liking and of a high standard.
Ever since 2011, the attitude of young people in the UK has been changing. The majority of people aged between 20 and 45 don't have the funds to buy their own property, so the market will change over time as fewer individuals get on the ladder.
Craig McKinlay, mortgages director at Halifax, said: "With attitudes softening towards the social implications of renting, and the number of people who say that they will never own a property increasing, we may be heading towards the point where the aspiration to own a nice home will be replaced by the aspiration simply to live in one."
He went on to explain that renting is becoming an accepted way of life for many people and this will have significant consequences in the future.
In 2013, 58 per cent of people felt that renting made it difficult for them to settle in a particular area, whereas this figure has now decreased to just 53 per cent.
It's also good news for landlords, who may find it is a good time to add to their portfolios in order to cash in on the growing number of Britons who are taking out tenancies.
Published on: April 24, 2014